NYDIG and Moven will make it easier for banks to work with bitcoin

Crypto platform New York Digital Investment Group (NYDIG) is working with fintech company Moven to develop a proposal that will make it easier for financial institutions to launch services related to the first cryptocurrency.

According to the press release, a set of products from partners will allow banks “within a few weeks” to launch services for buying, selling and storing bitcoin, create savings accounts in cryptocurrency and issue credit cards with its support.

“Now is the right time. If PayPal and Square can do this, so can local US banks, ”said Moven founder Brett King.

In an environment of low interest rates, financial institutions are pursuing new forms of income, according to Patrick Sells, Head of Banking Solutions at NYDIG, and this is in line with customer aspirations. The company’s research showed that more than 80% of American owners of bitcoin would prefer to keep it in their banks. More than 85% would like to buy cryptocurrency from financial institutions.

“As a former banker, it amazed me,” Sells said.

The companies entered into a partnership after the United States Comptroller’s Office authorized banks to issue stablecoins on January 5.

Recall that in January NYDIG acquired the analytical company Digital Assets Data.

Subscribe to ForkLog news on Telegram: ForkLog Feed – the entire news feed, ForkLog – the most important news and polls.

Found a mistake in the text? Select it and press CTRL + ENTER


Karice Dabule

Read Previous

consolidation is possible before further decline

Read Next

UK and EU regulators want to tighten controls over cryptocurrencies