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300 US banks to offer Bitcoin (BTC) services through a partnership with NYDIG

By:
on Jan 31, 2022
Updated: Jun 20, 2022
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  • 300 community banks in the US will offer Bitcoin trading services.
  • The banks will offer these services through a partnership with NYDIG.
  • This comes amidst growing demand for Bitcoin and crypto services in the US.

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Around 300 community banks in the United States plan to start offering Bitcoin (BTC/USD) trading. This new offering as these banks face increased demand from their clients for Bitcoin services.

A report from American Banker stated that these banks would start offering Bitcoin trading services to their clients by Q1 or Q2 of 2022. The Bitcoin trading services will be enabled by NYDIG.

300 US banks to offer Bitcoin trading services

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The report notes that both the American Bankers Association and the Independent Community Bankers of America have invested in NYDIG to make this initiative possible. NYDIG has been involved in supporting various crypto initiatives by traditional financial institutions.

Harold Reynolds, the CEO of BankSouth, a bank based in Georgia, 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.

The other bank venturing into Bitcoin trading is Vast Bank, based in Oklahoma. The bank has been actively involved in the crypto space. On August 25, 2021, the bank announced the rollout of its “Crypto Banking Service.”

In the report by American Banker, the CEO of Vast Bank, Brad Scrivner, noted that he was pleased with the performance of the service. Flushing Financial Corporation (FFIC) is also working with NYDIG to support its crypto service offerings.

Crypto adoption in the US

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The level of crypto adoption in the US has grown significantly over the past year. Banks in the country have been rushing to launch crypto services to meet the growing demand.

Not only are the community banks joining the crypto bandwagon, but so are some of the largest Wall Street banks, such as JPMorgan and Goldman Sachs. These banks have already unveiled crypto divisions seeking to offer their clients cryptocurrency trading services.

Despite this growing level of adoption, the crypto regulatory framework in the US has remained unclear. The US government is still looking into regulating the fast-growing crypto market, with the Biden administration planning to issue an executive order regarding crypto investments.

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