Tie-up between Bitcoin trading platform and fintech firm will allow bank customers to use the cryptocurrency in their accounts.
NYDIG, the Bitcoin subsidiary of alternative asset manager Stone Ridge, and fintech heavyweight FIS have joined forces in an industry-first partnership that will allow banks to offer customers the ability to buy, sell and hold Bitcoin in their individual accounts.
In a press statement, FIS Head of Global Core Banking and Channels Bob Lee said, “As demand for Bitcoin as a store of value continues to grow, FIS is focused on enabling our core banking clients to respond to growing market demand and better serve their customers. Unlocking these capabilities for financial institutions of all sizes levels the playing field for banking with Bitcoin and can drive further innovation.”
The partnership will tap the FIS Digital One Mobile platform, allowing banks to offer Bitcoin services that NYDIG says are easy to use and seamless. It expects the platform to drive banks’ fee income and allow them to attract and retain customers more effectively.
The custodial and trading platform for managing the bitcoin transactions will be provided by NYDIG under an agreement recently signed with FIS.
NYDIG Chief Executive and co-founder Robert Gutmann said, “While Bitcoin adoption is increasing, an accessibility and credibility gap remains for too many who want to buy, sell and hold. Our partnership with FIS, and their core banking clients, bridges this gap.”
In a CNBC interview, NYDIG Head of Bank Solutions Patrick Sells said hundreds of banks were already enrolled in the program, and added that the company was in talks with some of the biggest lenders in the U.S. regarding their potential participation.