NCR and NYDIG deal to provide access to cryptocurrencies for 650 US banks
The deal amid technology giant NCR and crypto-asset manager NYDIG will give access to digital currencies for 650 US banks. This was reported by Forbes.
According to the publication, the agreement amid the companies will contribute a new asset class to more than 24M customers of US banks. As part of the agreement, banks and credit unions can provide customers with access to digital currency trading through apps created by payment providers.
At the same time, Forbes clarified that participating banks will be able to bypass regulatory steps that partially make it difficult for their consumers to store digital currency. They can fully rely on NYDIG's custodian services to generate profits in the form of transaction fees.
During the discussion of the results of the agreement, NCR representatives highlighted the importance of cryptocurrencies and their strategic use. They also said that consumers will soon feel the difference of the innovation when the fees for transactions through banks will be significantly lower.
One of the Stone Ridge Assets Management founders, Yang Zhao, said that many banks noticed a significant outflow of money from their investors in the form of transfers to major crypto exchanges like Coinbase, so they will be happy to regain interest from this category of consumers.