Using NYDIG’s innovative technology to provide seamless access, we will be able to offer our customers the ability to buy, sell, and hold bitcoin.
In response to increased demand from clients, an estimated 300 community banks in the United States are poised to begin offering Bitcoin trading via mobile apps.
AMERICAN BANKER STORY
According to an American Banker story, over 300 community banks in the United States are planning to offer Bitcoin trading to their customers in the first or second quarter of 2022, with the help of Bitcoin business NYDIG.
The American Bankers Association and the Independent Community Bankers of America are said to have invested in NYDIG as part of the campaign, according to the report.
“A subsidiary of Stone Ridge, a holding company that has led the formation of forward-thinking enterprises spanning the worlds of technology and finance, including a $12 billion+ alternative asset manager,” according to NYDIG’s website.
It offers “Bitcoin products in a variety of businesses, including banking and insurance, as well as technology and charities.”
Harold Reynolds, CEO of Bank South, a Georgia-based financial institution with more than $1.3 billion in assets, said:
“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.“
VAST BANK FINANCIAL INSTITUTION
Vast Bank, based in Oklahoma, reported on 4 February 2021 that it “successfully executed” a “end-to-end cryptocurrency transaction” on 27 January 2021, becoming “the first nationally chartered financial institution to both purchase and provide custody services for a digital asset on behalf of a customer and directly from their bank account,” thanks to a partnership with Coinbase.
Then, on August 25, 2021, Vast Bank, which describes itself as “a reputable family-owned financial institution serving customers since 1982,” announced the “launch of its new Crypto Banking service.”
“Through the Vast Bank Crypto Banking application, clients will be able to acquire a selection of cryptocurrencies including Bitcoin, Bitcoin Cash, Cardano (Ada), Ethereum (Ether), Litecoin, Orchid, and Algorand,” said Vast Bank CEO Brad Scrivner in an August 2021 press release.
According to American Banker, Scrivner is delighted with the service’s performance thus far:
“We take pride in getting to know our customers, and that starts with listening. At the heart of many of these conversations is crypto. For quite some time, our customers have been asking why they cannot securely purchase the likes of Bitcoin using their bank account, citing concerns over trustworthiness, safety, and the security of other platforms—all issues which have kept many consumers parked on the sidelines of the crypto phenomenon.
“We took this challenge head on, and devoted significant resources to answer this unmet need. We’re excited to bring this service online, and give all consumers the opportunity to explore the world of cryptocurrencies in a way that brings peace of mind that only a bank like Vast can provide.“
Flushing Financial Corporation (Nasdaq: FFIC), the corporate holding company for Flushing Bank, said on January 25 that it had reached an arrangement with NYDIG to provide Bitcoin services to its customers.
According to the bank’s press statement, John Buran, the bank’s President, and CEO, said:
“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.“
According to Patrick Sells, NYDIG’s chief innovation officer:
“As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services. Using NYDIG’s innovative technology to provide seamless access through our relationship with Q2, our online banking provider, we will be able to offer our customers the ability to buy, sell, and hold bitcoin. This partnership provides our customers with a fully integrated solution to conduct bitcoin transactions in a safe and secure environment.“