US banks will strengthen cryptocurrency trading services
With the signing of this agreement, NCR expects to improve its financial relationships and satisfy the demand of users in the US market
NCR, NYDIG, First Citizens Bank and Bay Federal Credit Union signed an agreement that will allow 650 US banks to offer bitcoin purchases to approximately 24 million users through mobile applications.
This is how the largest business payments organization, NCR and the digital asset management firm NYDIG, join forces to capitalize, on the one hand, the demand it is seeing in banks and, on the other hand, the cryptocurrency purchase made from clients accounts to external exchanges.
For the president of digital banking of NRC, Douglas Brown, this partnership will improve their financial relationships. “We strongly believe in the benefits of the crypto ecosystem and strategic application. This agreement will benefit our banking relationships, as demonstrated by NYDIG, all retailers, restaurants and the like.”
Banks will not have to contend with the expensive regulatory requirements inherent in owning cryptocurrency for their clients, because those who decide to make the service available will depend on NYDIG’s custodial services and will be able to offer their clients cryptocurrency trading.
In a first phase of this alliance, clients will be able to buy, sell and exchange bitcoins and other cryptocurrencies from their mobile application and they estimate that once they can obtain them and eventually spend them within their existing accounts, “the rest of the traditional financial institutions would begin to be part of the “direct competition with exchanges.”
In Brown’s opinion, “Banking today means a daily activity or a couple of times a day for people, which is what we usually see. Cryptocurrencies, on the other hand, reach a much higher level of engagement, every hour, much deeper.”
M. Rodríguez
Source: cripto247.com
