Forbes article says that thanks to the collaboration between New York Digital Investment Group (NYDIG) and enterprise payments behemoth NCR, 650 US banks and credit unions will be able to offer millions of their clients the ability to buy crypto and hold it in NYDIG’s custody wallets.
US banks about to offer crypto to their clients
Atlanta-based NCR and New York Digital Investment Group are going to offer crypto exposure to 24 million clients of 650 US banks.
Financial institutions will be able to invest in crypto or trade it via a mobile app that has been specially created by NCR. Among these banks will be community banks as well.
They will not take the responsibility of holding crypto assets for clients but will enable that with the help from NYDIG’s custody services.
The latter will earn on that by charging transaction fees and offering extra services on investing.
US banks eager to compete with crypto exchanges
NCR is making this effort since it has seen a chance to make healthy profits on the desire of banks and credit unions to prevent their clients from buying crypto from outside exchanges and instead to offer crypto investment themselves.
NCR intends to provide financial institutions with an opportunity to buy Bitcoin and other popular cryptocurrencies and then eventually spend it as well, using their existing bank accounts and thus start a direct competition with digital exchanges, such as Coinbase.
NCR head of digital banking Douglas Brown told Forbes that the company is a firm believer in the positive future of cryptocurrencies and the benefits they can give to the market.
Yan Zhao, who became NYDIG director last year, stated that a lot of customers are moving funds from banks to exchanges, like Coinbase, and so now these banks are eager to stop that and join the crypto business and get extra income in this disruptive industry.
NCR’s history in the crypto sphere
NCR emerged as early as in 1884 as National Cash Register. This year, the company partnered with crypto payment company Flexa and allowed clients in 600 shops to start using Bitcoin, Doge, Ether, etc., to buy gas and other goods.