Hundreds of banks in the US will let customers buy Bitcoin

The winds of change! Hundreds of banks in the US will reportedly start offering access to Bitcoin to their customers this year. These institutions have enrolled to participate in a program that will allow them to move funds from bank accounts to crypto exchanges.

This is thanks to a partnership between fintech giant Fidelity National Information Services and the New York Digital Investment Group, which is the Bitcoin investment arm of $10 billion Stone Ridge Asset Management, based in New York.

According to the report, customers of these banks will soon be able to buy, bold, and sell Bitcoin through their existing accounts.

FIS and NYDIG are collaborating to enable US banks to offer Bitcoin in the coming months. FIS is a vendor bank to nearly 300 million checking accounts.

Patrick Sells, head of bank solutions at NYDIG:

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships. If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.”

He noted that hundreds of banks are already enrolled in the program. That said, while the firm is in talks with some of the biggest banks in the country about offering the Bitcoin service, most banks that have enrolled for this new program are the smaller ones.

Banks used to steer clear of Bitcoin, but these institutions are now the ones asking about providing crypto investment services. And that is because they can see customers moving money out of their bank account to crypto exchanges.

In other words, they have data showing deposits going to exchanges like Coinbase and Kraken.

However, some of the old guard is still slow to change. Even as a few of the major investment banks like Morgan Stanley and Goldman Sachs have already begun providing wealthy clients access to Bitcoin investments.

All in due time as they say!


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