NYDIG and Moven to simplify banks’ Bitcoin services

The crypto platform New York Digital Investment Group (NYDIG), in collaboration with fintech company Moven, will develop an offering that will simplify for financial institutions the launch of Bitcoin-related services.

According to the пресс-релизу, the product suite from the partners will allow banks to launch Bitcoin-buying, selling and custody services within a few weeks, create cryptocurrency savings accounts, and issue credit cards that support it.

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

According to Patrick Sells, head of NYDIG’s Banking Solutions, in a low-rate environment financial institutions are seeking new forms of revenue, and this aligns with customer demand. The company’s research showed that more than 80% of American Bitcoin holders would prefer to store theirs at their banks. More than 85% would like to buy cryptocurrency at financial institutions.

“That surprised me, as a former banker,” said Sells.

The partnership followed after January 5, when the Office of the Comptroller of the Currency allowed banks to issue stablecoins.

Earlier in January, NYDIG acquired the analytics company Digital Assets Data.

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