On Wednesday, Fintech firm FIS announced an industry-first solution that allows banks to provide bitcoin services and has partnered with crypto custody firm NYDIG to manage the bitcoin transactions for the same.

For the first time, 300 million U.S bank accounts holders will soon be able to buy, hold and sell bitcoin through their existing accounts.

Fintech giant FIS and crypto custody firm NYDIG has disclosed the new solution will avoid the customers to establish accounts with another institution and will allow the banking system to acquire bitcoin, this move is to retain existing customers and to attract new ones.

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships,” said Patrick Sells, head of bank solutions at NYDIG. He further adds, “If I’m using my mobile application to do all of my banking, now I can buy, sell and hold bitcoin.”

Realizing the untapped potential of 300 million US checking account holders, who will be able to buy, hold and sell bitcoin, FIS has launched the Digital One Mobile tool, which will offer the digital experience to the banks and NYDIG to manage the bitcoin transactions.

“As demand for bitcoin as a store of value continues to grow, FIS is focused on enabling our core banking clients to respond to growing market demand and better serve their customers,” said Rob Lee, head of Global Core Banking and Channels, FIS. “Unlocking these capabilities for financial institutions of all sizes levels the playing field for banking with bitcoin and can drive further innovation.”

Due to the increase in the demand among the consumers to acquire digital assets, the new move by FIS will be a game-changer for financial inclusion. FIS, which has been the main technology provider for banking systems across America, is also looking forward to spreading its wings in the crypto space.

FIS Ventures, the venture arm of FIS made an undisclosed investment in NYDIG, which also secured multiple funding recently.

Any other banks that also offers crypto to their customers?

Morgan Stanley, a leading firm in executing transactions and wealth management in March 2021 offered bitcoin funds to its clients.

Global investment banking and investment management firm Goldman Sachs will soon allow its clients to invest in Bitcoin.

JPMorgan, a multinational financial firm with operations in more than 60 countries globally will soon launch its bitcoin services to its customers by partnering with NYDIG.

Pavan A

CBW - External Analyst

INDIA