NYDIG News: A very important claim was made by Forbes today. According to the article, thanks to the collaboration between the New York Digital Investment Group (NYDIG) and institutional payments giant NCR, 650 US banks and credit unions are preparing to activate their crypto purchasing service to their millions of customers.
650 banks, 24 million customers
Atlanta-based NCR and New York Digital Investment Group will serve 24 million customers of 650 US banks.
Financial institutions will be able to invest in cryptocurrencies through a mobile app custom-built by NCR. Among these banks will be public banks. These institutions will not take responsibility for holding crypto assets for clients, but they will do so with the help of NYDIG’s custody services.
They will also be able to profit from this service by charging transaction fees and offering extra services on investment.
They will compete with major cryptocurrency exchanges
Noting that banks and credit unions see a chance for their customers to make healthy profits from buying crypto from external exchanges, NCR wants to provide financial institutions with an opportunity to buy Bitcoin and other popular cryptocurrencies, spend them using their existing bank accounts, thereby directly competing with digital exchanges such as Coinbase.
Douglas Brown, head of digital banking at NCR, told Forbes that the company believes in the positive future of cryptocurrencies and the benefits they can bring to the market.
Yan Zhao, who held the position of director of NYDIG last year, stated that many customers transfer funds from banks to exchanges like Coinbase, and that is why these banks are now eager to join the crypto business and generate extra income in the industry.