Because of a partnership between Finserv and New York Digital Investment Group, banks and credit unions of all sizes can now purchase, trade, and hold bitcoin via their banking platforms (NYDIG). Finserv presently serves over 10,000 financial institutions.
Customers can now buy, sell, and hold bitcoin using their bank accounts. “Banks and credit unions of all sizes may support purchasing, trading, and holding bitcoin within their digital banking platforms,” according to Finserv Inc. (NASDAQ: FISV), a global leader in payments and financial technology.
Finserv has partnered with New York Digital Investment Group (NYDIG), a bitcoin technology and financial services division of Stone Ridge, a $10 billion alternative asset manager, to provide the bitcoin option.
According to Finserv’s website, the company has approximately 10,000 financial institution clients, nearly 6 million merchant locations worldwide, and 100 million digital banking users. The company promises to conduct more than 12k financial transactions per second and is a member of the S&P 500 Index and the Fortune 500.
“The integration with NYDIG will enable consumers to manage bitcoin transactions directly within their financial institution’s online and mobile banking portals, providing users with an easy way to buy, sell, and hold the popular digital asset through their trusted financial institutions,” according to the announcement.
Finserv’s chief digital and data officer, Byron Vielehr, said:
Over the last few years, interest in cryptocurrencies, particularly bitcoin, has exploded, to the point where bitcoin investment is now a typical pastime.
The release continues, “People continue to turn to financial institutions as a central place to manage their financial activity, and being able to offer this capacity will assist position banks and credit unions at the forefront of their clients’ financial lives.”
First Foundation Bank (NASDAQ: FFWM) in California is already collaborating with Finserv and NYDIG to sell bitcoin to its customers. Scott F. Kavanaugh, the company’s CEO, said:
Consumers and investors are interested in digital assets. If our industry is truly devoted to innovation and our clients’ financial futures, we must take the lead in this field and assist in the creation of a secure and trusted infrastructure for using bitcoin in everyday financial transactions.
Finserv and NYDIG are “working toward introducing more capabilities, including the ability for banks to develop bitcoin-based rewards programs,” according to the statement, in addition to allowing banks to allow their customers to purchase, sell, and keep bitcoin within their bank accounts.