While there is no end to the anticipation for a U.S. Bitcoin ETF, 650 banks from overseas will be offering their customers access to cryptocurrencies. This is a significant expansion of the potential market, and a chance to reach customers who previously knew little about cryptocurrencies.
NYDIG’s collaboration with NCR
At the end of June, Forbes published information from which we learned about the cooperation of New Your Digital Investment Group (NYDIG) with NCR corporation. Thanks to the partnership of these two institutions, 24 million Americans, who are also customers of 650 banks and credit unions, will have the opportunity to purchase cryptocurrencies.
NCR is already quite widely known in the United States. Mainly thanks to its partnership with a cryptocurrency company called Flexa. Its fruit is the ability to make purchases in more than 600 stores. In addition, NCR is one of the world’s leading ATM providers, which is moving decisively into the financial services space and directing particular attention towards digital assets.
It would seem that for NCR the new collaboration is a breakthrough, meanwhile, it is just another step in a long-established path. The breakthrough, however, is what its potential customers will get. The mobile application that will be created by NCR will allow bank customers to purchase cryptocurrencies and also make everyday payments with them. The banks will not take the responsibility of storing the crypto-assets, but with the help of NYDIG’s custodial services, they will give this opportunity. NYDIG itself will be able to simultaneously offer additional functions within cryptocurrencies and earn transaction fees in the process.
Potential outcomes of the collaboration
650 banks and 24 million customers is a huge scope. Being able to hold cryptocurrencies without having to set up exchange accounts or even purchase hardware wallets is a very interesting proposition for people who want to start their Bitcoin adventure right here. One can guess that among bank customers there are also those who know little about cryptocurrencies. This situation has the right to push these people to take an interest in the market and of course to make the final investment.
For banks, in turn, this is the start of a small rivalry with exchanges. They systematically suffer from the outflow of capital in that direction. Not infrequently we also receive information from various corners of the world about blocked transfers to the stock exchanges. Banks in order not to have to put themselves in a critical light themselves want to offer cryptographic services so as to stay in the game. This is an opportunity for them to gain access to a new area of potential profits.