The $6 Billion NCR paves the way for offering Bitcoin (BTC) services to 650 banks and credit unions.
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650 US banks will soon be able to offer Bitcoin (BTC) services to approximately 24 million customers. As part of the agreement, institutional payments giant NCR and digital asset management firm NYDIG, community banks including North Carolina-based First Citizens Bank, and credit unions including California’s Bay Federal Credit Union will be able to offer their customers cryptocurrency trading via mobile apps. .
Financial institutions that choose to make the service available, rather than dealing with onerous regulatory requirements for actually holding cryptocurrency for their customers, will rely on NYDIG’s custody services.
Atlanta-based NCR is working to provide this service upon request from banks and credit unions who are tired of seeing crypto purchases made from their accounts on foreign exchanges. By providing these customers a way to buy and ultimately spend Bitcoin on their existing account. This move will put these institutions in direct competition with cryptocurrency exchanges. “We firmly believe in the benefits of crypto and strategic application,” said Douglas Brown, NCR head of digital banking. And that applies to our banking relationships, as evidenced by NYDIG, and to retailers, restaurants and the like.”
Founded in 1884 as the National Cash Register, NCR employs 34,000 people in 160 countries and does business from digital banking services to ATMs and restaurant point-of-sale kiosks.