To compete with crypto exchanges, US financial institutions will soon be able to offer cryptocurrencies like Bitcoin to millions of their customers.
Digital asset management firm New York Digital Investment Group (NYDIG) and company National Cash Register (NCR) have teamed up for a massive crypto commitment: 650 US community banks and credit unions will soon be able to offer Bitcoin (BTC) purchases, Forbes magazine reports.
Thanks to the cooperation, financial institutions, who are a thorn in the side of observing crypto purchases from their accounts to external exchanges, get an entry point into the market with which they are eager to compete.
24 Million Customers in total
Mobile applications, specifically developed by payment provider NCR, will introduce cryptocurrency trading to an estimated 24 million customers, providing them with a quick way to buy and spend Bitcoin within their existing accounts.
The financial institutions offering this opportunity will rely on NYDIG’s custody services, thereby bypassing the demanding regulatory framework associated with actually holding cryptocurrencies for clients.
The 135-year-old payments giant, based in Atlanta, is a ” firm believer” in the benefits and strategic application of cryptocurrencies, says Douglas Brown, NCR president for Digital Banking.
Brown to Forbes:
“And that goes for our banking relationships, as NYDIG shows, and through retailers and restaurants and the like.“
Since March 2020, NCR stock has increased by 238%-that’s when the pandemic broke out and quarantine regulations were issued. These forced numerous banks to close their physical branches, while spurring the expansion of financial technology service providers.
The company operates in 160 countries and provides services ranging from digital banking to ATMs and kiosks in restaurants.
Recently, the payments giant also partnered with crypto payments company Flexa and has since enabled customers to pay for gasoline and other goods in 600 stores using Bitcoin, Ethereum (ETH), Litecoin (LTC), Dogecoin (DOGE) and other cryptocurrencies.
According to the market research company RBR, NCR is the world’s largest provider of self-service terminals with a share of 53%, excluding China.
NCR serves a total of 180,000 restaurants, retail chains and more. They can now all opt for crypto payments and integrate coins such as BTC, ETH or LTC. This should help the crypto adaptation enormously in the long run, provided everything goes according to plan.
Text credit: Cryptoslate
Last updated on July 1, 2021
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