Monday, December 5, 2022

Community banks will soon enable Bitcoin services to customers, thanks to NYDIG and CSI

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Bitcoin is making even more inroads to mainstream adoption as smaller financial institutions are also showing interest. Powered by a partnership between Bitcoin-focused company, NYDIG, and core bank and payments processing company, Computer Services Incorporated (CSI), community banks will be able to offer Bitcoin trading and custody services to their clients.

According to the press release announcing the partnership, the new service will help meet the rising demand community banks are getting from customers to buy, sell and hold Bitcoin securely.

Community banks are excited about offering Bitcoin services to their customers, but they also know that they need to provide a secure and compliant environment to maintain the trust that their customers place in them, said Patrick Sells, Chief Innovation Officer of NYDIG in the press release.

He further noted that by partnering with CSI, community banks can meet the rising demand for Bitcoin, and still maintain compliance with a seamless customer experience through the CSI digital banking platform

As a result of the partnership, NYDIG will combine its Bitcoin expertise with CSI’s wide range of services including mobile banking, digital account opening, web design and hosting, and digital payments that it offers to the smaller financial institutions to help them integrate Bitcoin in their banking services.

Bitcoin continues to see more partnerships that will bring it closer to users

This is not the first involvement NYDIG has had with community banks. In May 2021, the company announced a partnership with Fidelity National Information Services Inc. (FIS), to create a platform that will allow banks to offer the ability to buy, sell and hold Bitcoin in bank accounts.

Community banks have so far not been left out of the Bitcoin adoption bandwagon. Last year, at least three financial institutions in this category made news related to offering Bitcoin services including Vast Bank, and Suncrest Bank.

Demand for cryptocurrency-related services is high from clients of mainstream banks. This is evident in the fact that more global bankers such as Goldman Sachs and JP Morgan also began to offer Bitcoin investment services to their clients.

Added to more adoption by mainstream financial institutions, the crypto market is also hopeful that Bitcoin will make more inroads to Wall Street this year when the SEC approves a Bitcoin spot ETF to trade on regulated exchanges.

Bitcoin adoption is one of the reasons that proponents are bullish for the benchmark cryptocurrency in 2022. With more adoption, Bitcoin is expected to become less volatile and more of a unit of account. In the meantime, volatility continues to persist as the price of Bitcoin has recently dropped sharply. Bitcoin is down around 8% on the day, trading at about $42,600.

 

 

Disclaimer

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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