A group of about 300 community banks is planning to enable customers to buy and sell bitcoin on mobile applications in collaboration with the NYDIG fintech firm.
Multiple security and regulatory concerns have been addressed since the plan was unveiled, and the integration between the firm and the banks’ technology vendors has been finalized.
The consortium, together with the American Bankers Association and Independent Community Banker of America has already invested in NYDIG as part of the deal.
Vast Bank, currently collaborating with Coinbase to support 12 cryptocurrencies through its checking accounts, is the first client of NYDIG.
BankSouth CEO Harold Reynolds cites the growing cryptocurrency transactions among customers, with investments often involving large amounts.
ABA Chief Executive Officer Rob Nichols also notes that the digital assets were here to stay despite the uncertainties around its future. The industry officials expect the trading activity to improve revenue growth and enhance customer retention.
Source: American Banker