Enterprise payment giant NCR has inked a new deal with digital asset manager NYDIG to open the gates for 650 US banks and credit unions to offer Bitcoin purchase options to their clients without having to deal with regulatory obstacles. As part of the deal, major US banks would offer Bitcoin trading options via a mobile app built by NCR.
Apart from a few Wall Street banking giants, the majority of the banks refrain from offering any crypto-related services since holding these assets have its share of regulatory concerns. This partnership removes that barrier as NYDIG would act as the custodian for these banks. The partnership would open the gates for nearly 24 million customers to directly purchase and spend Bitcoin from their banks instead of using a third-party exchange.
Douglas Brown, NCR president of digital banking said,
“We’re firm believers in the benefits of crypto and the strategic application. And that’s true for our banking relationships, as evidenced by NYDIG, and across retailers as well as restaurants and the like.”
The 135-year-old enterprise payment giant said the decision was made based on the growing demand for crypto assets from clients.
NCR is Expanding Its Crypto Reach
The recent partnership by NCR won’t be the first of its kind that opens the gates for crypto adoption among the masses. Earlier in May, the firm partnered with crypto payment provider Flexa to allow convenience chain Sheetz’s 600 stores to pay for gas and other goods in Bitcoin and other altcoins.
The enterprise payment giant revealed that many of their banking and credit union clients complained about customers buying crypto assets using third-party crypto exchanges. This motivated them to offer the same service through their clients instead of prohibiting such trades. NCR also revealed they could also venture into digital asset custody to manage their crypto assets.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.