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Power Players Ready To Enable Bitcoin Buying for US Banks

Power Players Ready To Enable Bitcoin Buying for US Banks
  • NCR Corp will initiate Bitcoin purchases for 650 US banks.
  • These banks will soon allow their users to purchase Bitcoin directly.
  • The deal could not go through without the NYDIG’s custody services.

NCR Corp has taken the world by storm with its latest news — it will open Bitcoin purchases to multiple banks and credit unions. This means that over 650 US banks will soon be offering Bitcoin buying to about 24 million customers.

Enterprise payment titan NCR and the well-known digital asset management company NYDIG, struck the deal. It means that community banks and credit banks from all parts of the USA will be able to provide crypto trading via mobile apps for their clients.

NYDIG’s custody services give financial institutions the option to choose a service where they are not encumbered by the mandatory need to comply with regulations. The NCR thought it a necessary move.

Lately, more and more banks have been restricting their users from indulging in crypto activities via certain crypto exchanges. For instance, some UK banks have either restricted trading in crypto while some have completely banned the act. Exchanges like Binance have begun to stop services in some countries where the rules are too strict.

Thus, NCR saw a demand in the market. Banks and credit unions were having too much trouble with users buying crypto on exchanges. Hence, NCR is offering an option for clients to buy Bitcoin directly with their existing bank accounts.

Above all, this move will change the crypto space. These banks will begin to directly compete with the existing exchanges. Douglas Brown, NCR President of digital banking says,

“We’re firm believers in the benefits of crypto and the strategic application. That’s true for our banking relationships, as evidenced by NYDIG, and across retailers as well as restaurants and the like.”   

Suffice to say, once this move will take effect, the US could see a great change in the adoption of cryptos. Although, tech superstars and celebrities are already big fans, so, this news should be an interesting development. Not to mention, some companies are relocating to the US to better provide their crypto-related services.

An eager wordsmith who conveys her thoughts and fascinations through words and storytelling. Besides lurking on new and emerging technology forums, she’s always updated when it comes to blockchain.