Hundreds of US banks will allow their retail clients to store and trade Bitcoin in 2021 after Stone Ridge subsidiary NYDIG partnered with Jacksonville-based payment solutions provider Fidelity National Information Services (FIS), according to CNBC. .
Patrick Sells, director of banking solutions at NYDIG, says the move will make it easier for ordinary Americans, as well as corporations, to get exposed to the largest cryptocurrency:
"What we are doing is making it easier for Americans and corporations to buy bitcoins through their existing banking relationships. "
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While cryptocurrency exchanges like Coinbase, as well as popular payment apps like PayPal and Square, remain the main avenues for cryptocurrency users, US banks want to attract some cryptocurrency-curious crowds to profit from the insanity, as confirmed by the president of NYDIG, Yan Zhao.
Despite anti-banking sentiment permeating the crypto community, a NYDIG survey indicates that some people are unwilling to sign up for exchanges or other services to enter Bitcoin, showing a preference for their banks.
Banking institutions are helping push cryptocurrencies into the mainstream while pocketing commission income during a new bull cycle, but it remains to be seen if they will still be on board if things go wrong.
It's also unclear whether giants like JPMorgan will follow the lead of smaller banks.