Hundreds of U.S. banks will start offering bitcoin (BTC) to their customers in the coming months, the New York Digital Investment Group (NYDIG) reports to CNBC on May 5:
Hundreds of banks are reportedly enrolled in the program, says Patrick Sells, NYDIG’s head of banking solutions.
“What we’re doing is making it easy for ordinary Americans and businesses to buy bitcoin through their existing banking relationships. If I use my mobile application for all my banking, I can now buy, sell and hold bitcoin with it. ”
The banks want to get involved as they see their customers send money to cryptocurrency exchanges like Coinbase and Kraken, said Yan Zhao, president of NYDIG. As soon as the hundreds of smaller banks join in, the big boys like JPMorgan and Bank of America will also feel the pressure to participate, says Rob Lee, head of digital banking at FIS.
Banks like Morgan Stanley, Goldman Sachs, JPMorgan and BNY Mellon are already setting up crypto services, but only accessible to institutional investors.
“Most people cannot invest in products in which institutional investors can invest. By making bitcoin available through your bank that can be bought for as little as $ 1, you now have an attractive asset that anyone can own. We think that will be huge for economic empowerment. ”
Zhao said. According to a study by NYDIG, more people would own bitcoin if they could buy it through their own bank.