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Bitcoin is coming to hundreds of U.S. banks this year....

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Piano

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PUBLISHED WED, MAY 5 20217:24 AM EDTUPDATED AN HOUR AGO

Hugh Son@HUGH_SON
  • For the first time, customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts, according to crypto custody firm NYDIG.
  • Banks are asking for bitcoin because they can see their customers sending dollars to Coinbase and other crypto exchanges, according to Yan Zhao, president of NYDIG.
  • After rolling out the initial bitcoin product, NYDIG plans on other services, including debit card rewards paid in bitcoin and a new type of bank account that is FDIC insured, but pays interest in bitcoin, he said.
Bitcoin is coming to hundreds of U.S. banks this year: NYDIG

Bitcoin may be taking another step toward mainstream adoption, CNBC has learned.

For the first time, customers of some U.S. banks will soon be able to buy, hold and sell bitcoin through their existing accounts, according to crypto custody firm NYDIG.

The company, a subsidiary of $10 billion New York-based asset manager Stone Ridge, has partnered with fintech giant Fidelity National Information Services to enable U.S. banks to offer bitcoin in coming months, according to the two firms.

Hundreds of banks are already enrolled in the program, according to Patrick Sells, head of bank solutions at NYDIG. While the firm is in discussions with some of the biggest U.S. banks, many of the lenders that have agreed to participate are smaller institutions like Suncrest, a California-based community bank with seven branches.

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships,” Sells said. “If I’m using my mobile application to do all of my banking, now I have the ability to buy, sell and hold bitcoin.”

Until now, bitcoin adopters have relied on apps from a new generation of fintech players like free trading brokerage Robinhood, payments giants PayPal and Square, or crypto-centric firms like Coinbase. Banks, on the other hand, have steered clear of bitcoin for retail customers, only recently announcing plans to allow rich wealth management clients to be able to wager on the cryptocurrency.

But banks are now asking for bitcoin because they can see their customers sending dollars to Coinbase, Kraken and other crypto exchanges, according to Yan Zhao, president of NYDIG.


“This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data,’” Zhao said. “They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world.”

[paste:font size="5"]JPMorgan Chase and Bank of America could face pressure to offer crypto to their retail banking customers, according to Rob Lee, head of digital banking at Fidelity National Information.

In March, Morgan Stanley was first among banks to offer bitcoin funds to its clients, CNBC reported last month. Goldman Sachs quickly followed with an announcement of its own, and JPMorgan is reportedlylooking at its own product in conjunction with NYDIG.

But in those cases, banks have relegated bitcoin to ultra-high net worth individuals and family offices with tens of millions of dollars.

“Most people can’t invest in things that institutional investors get to invest in,” Zhao said. “With bitcoin available through your bank to be purchased with as little as $1, now you have an attractive asset that’s available to be owned by anyone in any amount. We think that’s huge for economic empowerment.”


Yan Zhao of crypto custody firm NYDIG
Source: NYDIG
While Fidelity National Information, which is a vendor to banks with nearly 300 million checking accounts, will handle the link to lenders, NYDIG will take care of bitcoin custody and trade execution. Disclosures will make it clear that it is NYDIG, and not the banks, that handles the bitcoin, and the cryptocurrency won’t be FDIC-insured, according to Zhao.

Fidelity National Information, based in Jacksonville, Florida, caters to banks, providing access to services like chatbots or Apple Pay. It’s also a heavyweight in the payments industry, and two years ago bought processor Worldpay for $35 billion in the sector’s biggest acquisition to date.

Banks will determine how much to charge their customers for bitcoin trades and will retain most of that fee revenue, according to Sells. After rolling out the initial bitcoin product, NYDIG plans on other services, including debit card rewards paid in bitcoin, and a new type of bank account that is FDIC insured, but pays interest in bitcoin, he said.

More people would own bitcoin if they could do so through their existing banks, according to a survey commissioned by NYDIG. That allows them a single view of their financial assets and avoids the need to sign up with another institution and fund the account with a money transfer that typically takes three to five business days.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
My thoughts exactly rof/%.
 

cp74

New member
Yea but Bitcoin was called as pseudonymous. So what is next after the banks? Bitcoin was Panama :) Now it turns into a Las Vegas.

Wallets can use TOR, there are mixers around, and it is initially designed as decentralized, powered by non custodial wallets, no KYC exchanges, etc. Especially for digital shopping, there are crypto powered shops and payment gateways, etc etc. It was a well designed anarcho-capital ecosystem.

Due to fiat cashout needs; now KYC and face IDs hit the users already. It was a payment meta for anon VPNs, RDPs, proxies, hacked accounts, etc; now turns to be high street bank meta :)

Even i can't do any shopping due to high network fees anymore (except lightning, DASH, etc). For an $10 VPN, i should pay $20 network fee :) It turns to be a digital asset and traders are running like wild west gold rush.

So much bull. It's dead. I can't say ponzi but the demand and growing value killed the aim. It no more anonymous or pseudonymous, whatever the name.

Governments win, tax wins, so RIP.
 

Vor

Active Member
Yea but Bitcoin was called as pseudonymous. So what is next after the banks? Bitcoin was Panama :) Now it turns into a Las Vegas.

Wallets can use TOR, there are mixers around, and it is initially designed as decentralized, powered by non custodial wallets, no KYC exchanges, etc. Especially for digital shopping, there are crypto powered shops and payment gateways, etc etc. It was a well designed anarcho-capital ecosystem.

Due to fiat cashout needs; now KYC and face IDs hit the users already. It was a payment meta for anon VPNs, RDPs, proxies, hacked accounts, etc; now turns to be high street bank meta :)

Even i can't do any shopping due to high network fees anymore (except lightning, DASH, etc). For an $10 VPN, i should pay $20 network fee :) It turns to be a digital asset and traders are running like wild west gold rush.

So much bull. It's dead. I can't say ponzi but the demand and growing value killed the aim. It no more anonymous or pseudonymous, whatever the name.

Governments win, tax wins, so RIP.
Couldn't agree more man, cryptocurrency was originally seen as an anonymous decentralized payment method/store of assets(maybe) but now all the crypto crowd are thrilled for banks to be getting involved lol. The IRS currently has Operation Treasure Hunt targeting undeclared crypto will be interesting to see what gets flushed out from that investigation. The crypto crowd will be saying its a great thing the more regulation that comes down the pipe because "adoption" yet I do not know a single person actually buying anything with crypto.. besides black market products/services.

Most those I know who have invested are buying dogecoin on RobinHood they do not even understand what a cold wallet is. The IRS is hard at work making sure they can track all of this stuff and in the end the government is just gonna make digital euro, dollar, yuan, etc so they can track every single transaction in the world, track every single tax dollar, control everything. They will likely then decide to kill the competition with severe regulations in the US/EU like perhaps adding $10K+ of bitcoin to the FinCen reporting regime, that would be enough to make many average Americans sell off. They may just outright ban it. ItS DeCeNtRaLiZeD.. is what the crypto crowd says but these DeFi projects have development teams that if the US government says its illegal and they keep working on a project they will just Liberty Reserve their asses. Arrest them and give them a nice 20 years to sit in a cell where they can shill their shitcoin to fellow inmates.

Crypto is the future. It's how the US, EU, and China will track every single transaction their citizens make and usher in the era of a truly cashless society on a government controlled blockchain. Sad what crypto is becoming really also any crypto investor you talk to generally thinks their the next Steve Cohenrof/% and that the bull run will never end. Give it a year maybe less and all these prices will be back into the gutter like what has happened every time before. I can't wait so I can stop listening to mindless idiots who have made a measly few thousand bucks go on and on about their worthless shit coin investment and the revolutionary system of over collateralized loans.. who would've guessed it be easy to get a $50 loan with collateral of $100.o_O

Glad I sold my crypto made a nice little bit from it and no longer need to be associated with arguably the stupidest people on the planet, or im wrong bitcoin is gonna replace the monetary system as we know it, all the ERC-20 tokens are amazing investments that solve real problems, and Doge is headed to hundreds of dollars and ill be left "staying poor" as they all say lol. Yet they can't even cash out their shitcoins into any respectable bank.
 

maxmmm

Entrepreneur
@Vor 100% everything you wrote.

If there is anything to be learned from the last time the bubble burst, it's that when the shitcoins explode the end is near.
 

Martin Everson

Offshore Retiree
Staff member
Mentor Group Gold
Elite Member
@Vor So glad you wrote that thu&¤#. What you said sums it up perfectly.
 
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Vor

Active Member
@Vor 100% everything you wrote.

If there is anything to be learned from the last time the bubble burst, it's that when the shitcoins explode the end is near.
I know someone who is up $1.4M on a meme coin, the thing is this same individual is the type of idiot who isn't gonna sell it because "crypto is the future bro" and "meme coins pump the most its gonna be worth way more in a year" and "I'm gonna yield farm it once that is added for the token" so their gonna lose it all like many of these people will. Cryptocurrency in 2021 resembles more of a cult than an investment. Interesting to know of the number of guys who have gotten rich off crypto how many are still rich in 10 years... if your the type of person that puts your whole net worth into elonsperm or some other token you are for sure a functioning handicap.

I'd imagine the government is gonna come for stablecoins at some point, I dont see how they couldn't. If you are a tax evader in 2021 what better place to hide assets than in stablecoins like Dai, Tether, USDC, etc its literally just shadow banking. Buy off localmonero and use one of the many Defi wallets with a DEX on it like exodus to swap your monero to USDC, Tether, Dai, or whatever other stablecoin and you have relatively untraceable assets(until monero is cracked by CipherTrace or some other group hard at work for the IRS).
 

Golden Fleece

Entrepreneur
Cryptocurrency in 2021 resembles more of a cult than an investment. Interesting to know of the number of guys who have gotten rich off crypto how many are still rich in 10 years.
As I stated in a previous thread, according to the National Endowment for Financial Education, about 70 percent of people who win a lottery or receive a large windfall go bankrupt within a few years.

People who gain windfalls do not know how to be good stewards of their money, because they have not earned it -- and they do not respect the skill, hard work, and determination necessary to create a fortune.

Many crypto millionaires will consider their luck as a form of genius and they will eventually be broke as a result of their hubris. I would not be surprised to eventually learn that, statistically, the bankruptcy rate for crypto millionaires is similar to those who win a lottery.
 

Piano

Entrepreneur
As I stated in a previous thread, according to the National Endowment for Financial Education, about 70 percent of people who win a lottery or receive a large windfall go bankrupt within a few years.

People who gain windfalls do not know how to be good stewards of their money, because they have not earned it -- and they do not respect the skill, hard work, and determination necessary to create a fortune.

Many crypto millionaires will consider their luck as a form of genius and they will eventually be broke as a result of their hubris. I would not be surprised to eventually learn that, statistically, the bankruptcy rate for crypto millionaires is similar to those who win a lottery.
Now that is some interesting info !
 
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