According to the latest data, about 300 local banks plan to start trading Bitcoin in the first half of 2022 in collaboration with Stone Ridge subsidiary NYDIG.
Hundreds of banks around the world say they are on the verge of implementing support for Bitcoin trading after they complete partnerships and address the security concerns associated with this new asset. Local banks believe that the introduction of cryptocurrencies will lift them afloat, which in fact may be a good opportunity for them, in light of the active development of cryptocurrencies everywhere.
“We have seen significant activity in cryptocurrency transactions from our customer accounts, and a few investments have been rather large, so that is obviously getting our attention,” BankSouth CEO Harold Reynolds said, according to Coincu News.
Vast Bank was the first bank to offer Bitcoin trading and has already found success. In October, this bank partnered with cryptocurrency exchange Coinbase to begin supporting digital assets. Currently, the bank provides 12 crypto assets.
“The Vast crypto banking launch has gone well. In the first four months since launch, we added approximately five times our historical retail customer base, and those customers are in all 50 states and three U.S. territories,” said Vast Bank CEO Brad Scrivner.
Synovus Financial, another small Georgian bank, intends to include Bitcoin trading in its mobile app later this year. Zack Bishop, EVP of Synovus Financial, shared that banks are taking digital assets more seriously. “We think that that’s the beginning point of how the operational structures on the back end of the bank need to start to pivot towards working on blockchains. Cryptocurrency was the first place we wanted to be.”
In May, NYDIG announced a collaboration with Fidelity National Information Services (FIS) to support banks launching Bitcoin services. In July, NYDIG announced a partnership with financial technology firm Fiserv to enable hundreds of US banks and credit unions to provide Bitcoin to their customers.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.