Fintech firm FIS has entered into a cooperation with cryptocurrency asset manager NYDIG. Their goal is to provide clients of hundreds of banks in the United States with access to cryptocurrencies. The organisations have previously worked together on Bitcoin rewards debit cards for New York-based bank Quontic.
The main idea of cooperation is that people do not have an obligatory need to create an account or wallet on a specific crypto exchange. Instead, companies aim to give consumers access to crypto assets right in the banking app. Consumers will be able to manage their crypto portfolio in the FIS Digital One app, available on both iOS and Android. With it, banks will offer users the purchase of digital currencies on an intuitive platform. After purchasing the coins, they will be able to manage assets along with other currencies within the platform. They intend to launch the program aimed at hundreds of banks in the next few months.
Robert Gutmann, CEO of NYDIG, said that today there is a gap between the availability of traditional finance and cryptocurrencies. They also hope that by introducing their service they will be able to partially close this “gap”. Guttman also added that he sees cooperation as a “gateway” to a new era of financial freedom for consumers and improving confidence in modern banking products. NYDIG representatives said that one of the key factors of convenience for consumers is the ability to purchase BTC even for 1. In addition, this initiative will help level the playing field between retail and institutional investors, thereby expanding economic opportunities for the crypto community.
FIS is also optimistic about the future of digital currencies and blockchain. For this reason, the company has previously invested in the crypto industry. For example, she became a member of the leadership of Hedera Hashgraph, as well as Klaytn, and partnered with Visa's B2B Connect blockchain transaction solution. In addition to this, FIS is currently partnering with the British-Polish startup Billon.
In addition to developing new technological solutions for banking, it became known that FIS Venture has funded in NYDIG. However, the partners chose not to disclose financial details of the transaction.