The crypto industry is growing and instead of using crypto exchange, it will be easier if you can buy Bitcoin directly with your bank account.
New York Digital Investment Group (NYDIG) and Fidelity National Information Services (FIS) are working together to enable US banks to offer their clients the ability to buy, sell and hold Bitcoin through their existing accounts. The companies expect to launch the project in the coming months.
“What we’re doing is making it simple for everyday Americans and corporations to be able to buy Bitcoin through their existing bank relationships,” Patrick Sells, head of bank solutions at NYDIG.
For the idea to scale FIS will provide a user-friendly interface for Bitcoin trading services through its Digital One mobile app. NIDIG will take care of the custody of the assets.
Till now the only way to buy Bitcoin is through the crypto exchanges like Coinbase or Kraken. The main idea of NYDIG and FIS is to break the wall and connect traditional finances with the crypto world.
Some of the biggest banks started to see the crypto opportunity but they are mainly focused on institutional investors and limit access to the retails. Last month Morgan Stanley announced plans to open a Bitcoin Trust. After a while, JPMorgan announced that it is their next step as well.
“Most people can’t invest in things that institutional investors get to invest in,” said Yan Zhao, president of NYDIG. “With Bitcoin available through your bank to be purchased with as little as $1, now you have an attractive asset that’s available to be owned by anyone in any amount.”
NYDIG said that they are currently discussing with several major US banks. However, hundreds of smaller banks across the country are already enrolled in the program. One of them is California-based community bank Suncrest.
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