300 Small Businesses Launch Bitcoin Trading Services This Year with NYDIG Assistance

According to the report, through the digital banking platform of NYDIG, the digital asset manager, and Q2 Holdings, the digital lending company, followed by Five Star Bank and UNIFY Financial. 'last year, consumers after the first financial institution allowed Bitcoin trading through their app, many recently acquired banks are turning to NYDIG to launch the Bitcoin trading service.

Foreign News 'American Banker' reported on the 18th that with the help of NYDIG, a technology finance company, there are about 300 small banks in the United States. You can trade bitcoins on your own platform.

One of the participants in the plan told the media that in the months since the plan was announced, NYDIG raised various governance and security issues and that cooperation and collaboration with technology vendors had ended. It can meet consumer demand for cryptocurrency, and as a partnership, many banks, American Bankers Association, and American Independent Bankers have invested in NYDIG.

ABA CEO Rob Nichols, one of the investors in an article published on Tuesday (18), said that up to 16% of the American population has invested, traded or invested capital, according to the Pew survey Research Center. Nichols added: There is still a lot of uncertainty about the future of these assets, but one thing is certain: cryptocurrencies are not going away. For banks, in addition to building customer loyalty, the bitcoin market can bring more returns for banks to be more competitive in the market.

The first bank in the United States to support cryptocurrencies

It is known that the first bank to accept cryptocurrency was not a client of NYDIG, but VastBank, based in Tulsa, Oklahoma, partnered with Coinbase, a listed exchange.

Brad Scrivner, CEO of VastBank, which manages $783 million, said the bank began allowing consumers to purchase cryptocurrencies through cash transactions in October, and now supports a total of 12 cryptocurrencies. currencies. Our consumer market has grown approximately 5x in 50 US states and 3 other US regions.

Banks are paying for the cryptocurrency trading boom

South Shore

With $1.3 billion in assets, BankSouth is based in Greensboro, Georgia. The bank's CEO, Harold Reynolds, told media that consumers are very strong in the cryptocurrency space and some very big investments. , which really caught our attention. , we expect to be a bitcoin lender by the middle of this year.

BankSouth is currently beta testing the Bitcoin marketplace with banking service providers NCR and NYDIG.

Synobus Finance

Synovus Financial, based in Columbus, Georgia, with $56 billion in assets, has invested in NYDIG and says it plans to start trading Bitcoin on its app.

Synovus Chief Innovation Officer Matt Maxey told media that he has seen many consumers transfer money to digital exchange tools such as Coinbase for deposits. Don't sit in a fintech company and talk about getting a service, jump in and fight for our baggage business.

Zack Bishop, vice president of operations and security, also believes that digital assets will become more important in banks. Cryptocurrency is today's wave and the market will follow. Cryptocurrency is not going away anytime soon, Bishop said. I believe this is now the starting point for the banking backend operating model to move to blockchain, and the first place I want to use it is in cryptocurrency.