The time for US banks to look at cryptocurrencies as evil is approaching.
According to a CNBC report on Wednesday, New Digital Investment Group has signed a financial technology partnership with Fidelity National Information Services, known as FIS, to provide US banks with an organization to offer cryptocurrency trading services to its customers.
Patrick Sales, head of banking solutions at NYDIG, told CNBC that many banks have already signed up for the program, most of which are small financial institutions. However, Sells also added that the company is in talks with major US banks to participate in the program.
Big names like Bank of America and JPMorgan may be stimulated to take over as smaller banks begin to take advantage of cryptocurrency retail, according to NYDIG CEO. BoA is one of the most flexible cryptocurrency counterbankers in the United States, and regularly challenges Bitcoin (BTC) value propositions and cryptocurrencies.
As part of the collaboration between NYDIG and FIS, participating banks will be able to offer their customers to trade cryptocurrencies directly from their existing accounts.
Banks that give the green light to cryptocurrencies can see US lenders compete against platforms such as Robinhood, Coinbase and Square. As Cointelegraph previously reported, nearly 9.5 million customers traded cryptocurrencies on the Robinhood platform in the first quarter of 2021.
In fact, NYDIG chief Yan Chao said the huge revenues reported by companies such as Robinhood and Coinbase prompted US banks to target cryptocurrency hashish:
“Not only do banks think their customers want bitcoin, they say, ‘We have to do this because we see data.’ “They see deposits being sent to currency bases, galaxies and curves around the world.”
US lenders offering cryptocurrencies in retail will change the consensus among the country’s financial institutions on cryptocurrencies by 180 degrees.
Companies such as Goldman Sachs and Morgan Stanley recently announced plans to offer Bitcoin money to institutional customers.