Bitcoin trading will be offered by more than 300 banks before the first half of 2022 in a partnership with Stone Ridge Subsidiary NYDIG, reveals a new report of American Banker. The plan exists since last July but Banks are busy ironing out regularity issues.
The use of crypto has been growing a lot and its institutional adoption has been phenomenal. New use cases of the crypto market like NFTs, DeFi, and DAO are attracting a lot of investment. The popularity of the flagship cryptocurrency has also been increasing. Novel currency is also being used as the national currency of El Salvador. This growth has attracted the traditional banking system to adopt the currency.
300 US banks to offer Bitcoin Trading:
American Banker has published a report which says that Bitcoin trading will be offered to clients by more than 300 banks before the first half of 2022. Participants of the interview have revealed that they are now close to launching the Bitcoin trading support for their clients. They further said that they are finalizing their partnerships and addressing the security concerns linked with the flagship currency.
These banks are seeing that crypto will play a prominent role in their business. Synovus Bank’s Zach Bishop sees cryptocurrencies playing a more prominent role in their business. However, he is only cautiously optimistic:
That doesn’t mean it’s going to disappear in any way.
In July, NYDIG partnered with financial services technology provider Fiserv to allow hundreds of U.S. banks and credit unions to offer Bitcoin to their customers. In May, the group teamed up with Fidelity National Information Services (FIS) to help banks to roll out BTC products.
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