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More than 100 US Banks will soon accept Bitcoin

Photo of: Joseph Stone
by Joseph Stone

The future of cryptos depends on the development of a suitable ecosystem. The first foundations have been laid with the adoption of Bitcoin by significant players (industrialists, billionaires, investment funds, etc.) in recent months. For many, the movement is underway and should snowball.

The news is going to make a big splash across the Atlantic and beyond. There are rumors that nearly 100 banks in the United States are in the process of offering Bitcoin buying, selling and storage services!

In fact, more than a whisper, it’s even an announcement that was just made by NYDIG, a crypto company. NYDIG is a subsidiary of Stone Ridge, a New York-based asset manager worth over $10 billion.

“What we are doing is making it simple for Americans and businesses to buy Bitcoins through their existing banks (…) If I use my mobile app to do all my banking, I now have the ability to buy, sell and store Bitcoins. ” said Patrick Sells, head of banking solutions at NYDIG.

To enable crypto services on a large scale, NYDIG has partnered with Fidelity national Information Services, a fintech giant. NYDIG would be in charge of storing Bitcoins and not the banks. For the moment, the banks that have already agreed to join this program are relatively small, like Suncrest, a California bank. However, NYDIG is currently in discussions with leading institutions.

This program should be operational in the coming months. Without a doubt, it will revolutionize access to Bitcoin across the Atlantic. It is true that access to Bitcoin has expanded greatly in recent months. However, with rare exceptions, it is still only accessible through applications like PayPal or crypto exchanges.

This project is taking shape as more and more banks are changing their views on Bitcoin and are now preparing to welcome it with open arms. JPMorgan, Morgan Stanley and Goldman Sachs have shown a new interest. For Yan Zhao, CEO of NYDIG, this is a logical turnaround as banks see the success of cryptos with the general public, with figures to back it up.

“Most people can’t invest in the same products as institutional investors (…) With the ability to buy even a dollar of Bitcoin through your bank, everyone can now own some amount of an attractive asset. We think that’s a huge step towards economic empowerment. ” said Yan Zhao, CEO of NYDIG.