The NY Department of Financial Services (NYDFS) has recently announced that 650 US banks and credit unions have signed up to participate in a pilot program that will see them offer various financial services that include bitcoin. The pilot program to be hosted by NYDIG, the New York State Department of Financial Services.
The New York Department of Financial Services (NYDFS) has recently held a series of meetings with various banks and credit unions to discuss the possibility of adopting bitcoin. One of NYDIG’s most recent meetings is with BNC Bank, which is ranked number 30 on the Fortune 500. BNC is aiming to raise $100 million for the bitcoin project by 2018. BNC has already adopted a number of blockchain-based services, including a blockchain-powered digital wallet and a blockchain-based settlement system.
On July 1st, the New York Department of Financial Services (NYDDFS) will be implementing the first-ever state-regulated bitcoin-only fund. The NYDDFS is planning on issuing Green Bonds (a form of debt that can be collateralized by cryptocurrency) in amounts ranging from $100,000 to $4 million, and will then appoint a trustee to manage the funds. This is just one step in the state’s plan to bring bitcoin to the mainstream. Read more about is cryptocurrency legal and let us know what you think.
New York Digital Investment Group (NYDIG) has partnered with Atlanta-based corporate payments company NCR to offer Bitcoin (BTC) services to banks and credit unions in the United States.
As Forbes reported Wednesday, the deal will allow 650 banks and credit unions in the United States to offer bitcoin exchange services to their more than 24 million customers.
In addition to bitcoin exchanges for its bank and credit union customers, NCR also reportedly plans to offer bitcoin payment services to its approximately 200,000 retail customers.
NYDIG would offer its own bitcoin storage solution, removing a major obstacle for local banks and other financial institutions looking to deal with cryptocurrencies.
The news comes immediately after NYDIG entered into a partnership with digital banking giant Q2, as well as global payments chain Fiserv and cloud-based e-banking company Alkami, allowing the banks to offer bitcoin transactions to some 18 million customers.
In fact, as Cointelegraph previously reported, NYDIG’s head of banking solutions, Patrick Sells, said in May that US banks plan to offer bitcoin exchanges in 2021. At the time, Sells believed that the significant leakage of funds to exchanges like Coinbase caused lenders in the country to reconsider their previous stance on BTC.
Related: NYDIG and Q2 allow 18 million US bank customers to trade bitcoin
According to NCR’s head of digital banking, Douglas Brown, the company’s banking customers have regularly reported a mass exodus of customer savings to cryptocurrency exchanges. Brown said offering BTC exchange capabilities will help NCR and its customers capture a share of the $1.4 trillion market.
This transaction also strengthens NCR’s ability to improve the digital financial infrastructure for customers of banks and credit unions. Earlier this year, the 137-year-old business payments company purchased Terafina software to improve the customer experience in its physical branches, call centers and digital channels for opening accounts.
NCR is reportedly planning to store bitcoins for its customers and is also exploring options for non-blockchain applications.
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