American banks seem to be very eager to get a slice of the crypto trading campaign. This is good news for US banks because they could soon allow customers to buy Bitcoin directly from their accounts. Since the rise of Bitcoin, there has been a lot of critique and opposition from the banks. Bitcoin is in fact said to be the greatest evil and has been pushed away by the intermediaries for many years as something that could not be considered a medium of exchange. The era in which Bitcoin is labeled evil by banks is now slowly coming to an end. Therefore, you should definitely start using a Bitcoin CFD to start trading, as you do not want to miss out on the rise of the BTC/EUR price that surely is going to come in the future. Do not forget to look at some altcoins, but there is a high chance the XRP/EUR price will increase too due to this great news for US banks. US banks to allow the Bitcoin trading this year.
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Fidelity National Information Services
According to a report from CNBC, NYDIG has partnered with fintech firm Fidelity National Information Services, better known as FIS. With the partnership, the parties would jointly aim to provide a framework for US banks to provide crypto trading services to their clients. Because of this, customers of US banks will soon be able to buy, hold, and sell Bitcoin for the first time ever through their existing accounts. Of course this still has to be seen, but the crypto custody firm NYDIG has said that this will be the case. Yan Zhao, president of NYDIG, claims that US banks want to add Bitcoin as they can see their customers sending a lot of money to Coinbase and similar crypto exchanges. After NYDIG has rolled out the initial Bitcoin product, it plans on adding more services. This might include a new type of bank account that is FDIC insured, but still pays interest in Bitcoin, while a debit card rewards paid in Bitcoin is another option.
Major US banks might participate
Patrick Sells, Chief Bank Solutions at NYDIG, told CNBC that several banks have already signed up for the program. The majority of the notified parties are smaller financial institutions. Sells added that the company is in talks with major US banks to participate in the program, but they have not yet signed up. According to the NYDIG director, big names such as Bank of America (BoA) and JPMorgan could be incentivized to come on board as soon as smaller banks start to reap the benefits of the adoption of retail crypto trading. The Bank of America is one of the most prominent anti-crypto banks in the US at the moment and, unfortunately, regularly disputes the value proposition of Bitcoin (BTC) and other cryptocurrencies.
No longer a counterpoint to the banks
As part of the NYDIG and FIS partnership, participating banks would offer crypto trading for their clients, which can be done directly from their existing accounts. Goldman Sachs and Morgan Stanley have already recently announced plans to offer Bitcoin funds to institutional clients. Despite the fact that for the broader acceptance of Bitcoin it may be positive news that banks are going to use the cryptocurrency, there will undoubtedly be a lot of critical noises from the crypto world as well. Bitcoin was, after all, originally intended as a counterpoint to the banks, and not as a means for banks to make a profit. It seems like it will turn into this due to the NYDIG and FIS partnership, which was not Bitcoin’s intended purpose.