The crypto custody company announced a partnership with the fintech giant Fidelity Information Services (FIS). The program involves small banks with several branches.
Clients of hundreds of small American banks will be able to buy, store and sell bitcoin in the coming months. For this, the crypto custody company NYDIG has entered into a partnership with the fintech giant Fidelity National Information Services (FIS), writes CNBC .
According to Patrick Sells, head of banking solutions at NYDIG, banks with multiple branches are mainly involved in the program. Rob Lee, head of digital banking at FIS, suggested that a large number of small banks could be followed by giants such as JPMorgan Chase and Bank of America.
FIS works with banks serving about 300 million current accounts. NYDIG will be responsible for storing and conducting transactions with bitcoin. In 2019, FIS acquired the Worldpay processing service for $ 35 billion. The company also provides access to services such as Apple Pay.
Bitcoin purchased through banks will not be covered by FDIC guarantees. Banks will be able to set the size of the commission for transactions with cryptocurrency themselves. In the future, NYDIG will open additional services, such as cards with cashback in cryptocurrency, as well as new types of cryptocurrency accounts.
NYDIG conducted a survey, during which it found out that many people are willing to keep bitcoin in the bank. Users are repelled by the need to register on third-party platforms to buy cryptocurrency and transfer money to them.