Fingers crossed, 24 million clients will soon be able to buy crypto via their banks.
A Piece of the Action
With the staggering amount of money involved in crypto exchanges, US financial institutions are getting a bit impatient. Understandably, they are getting tired of being left on the sidelines while large amounts of money from their accounts are being used to buy cryptocurrency from an outside exchange.
Eager to compete, 650 US community banks and credit unions are now knocking on the door, looking to get a piece of the action. Lucky for them, a solution seems to be on the horizon.
Joint Effort Solution
In a joint effort, digital asset management firm New York Digital Investment Group (NYDIG) and enterprise payments corporation National Cash Register (NCR) have now teamed up. The goal? To give these 650 banks and credit unions a chance to offer Bitcoin (BTC) purchases.
24 Million Clients
Using the services of NCR, a special mobile application has now been built. A solution that will be extremely helpful as the banks are about to offer an estimated 24 million clients a fast lane to the crypto world.
So how are these financial institutions planning on getting around the existing and highly demanding regulatory framework when it comes to holding cryptocurrency for their clients? The plan is to rely on the custody services of the New York Digital Investment Group.
NCR Believes Strongly in Crypto
According to the NCR President of Digital banking, Douglas Brown, the payment giant is a strong believer in both BTC and crypto.
“And that’s true for our banking relationships, as evidenced by NYDIG, and across retailers as well as restaurants and the like,” said Brown.
As Luck Would Have It
NCR has been on a real tear over the last year or so and its stock has jumped as much as 238% since March last year. When the pandemic hit, a lot of banks were forced to shut down their physical branches, leading to a bigger focus on other areas. Financial technology service providers such as NCR just happened to be in an industry that experienced a major boost because of it.
With restaurants, retail chains and other industries most likely opting for crypto payments in the near future, NCR and its competition is looking at a busy schedule and a bright future.