American banks are found to seek an opportunity to get involved in Bitcoin transactions as the existing clients of the banks are increasingly participating in the crypto industry. Active participation of clients is observed in depositing funds in the crypto exchanges, which is majorly concerning the Bank.
According to reports, the Cryptocurrency custody firm New York Digital Investment Group (NYDIG) alongside fintech platform Fidelity National Information Services (FIS), meanwhile working on a plan to assist their client base to trade in Bitcoin.
According to NYDIG president Yan Zhao,
Undeniably banks want to be part of the crypto ecosystem in whichever way possible. The banks are looking to ease transactions in Bitcoin on leading digital asset platforms like Coinbase, for their clients.
According to the data, FIS will act as a vendor to banks with almost 300 million checking accounts while NYDIG will handle the custody side of Bitcoin alongside trade execution.
As the NYDIG revealed;
After the enrollment of small-scale banks of the industry, certain pressure will be likely to be generated on the big ones like JPMorgan Chase and Bank of America.
At present Morgan Stanley is among the top lenders that offer Bitcoin funds to their clients.
Lastly, NYDIG schemes to broaden its services to offer debit card rewards paid in Bitcoin. Concerning the advantage of the move, it will surely push the digital currency more towards mainstream adoption.