NYDIG Collaborates with FIS to Start Offering Bitcoin Through Banking Network
FIS, the firm that offers tech solutions to banks and owns payment processing firm WorldPay, is collaborating with NYDIG, the cryptocurrency administration and digital custodial firm. Under the partnership, both intend to pave way for hundreds of little US banks to provide their clients’ access to Bitcoin, the only crypto with which NYDIG is engaged.
The plan is that several people will not be interested in opening an account or wallet offered by a cryptocurrency exchange. On the contrary, they will be more comfortable to do so if they can get the same facilities through a banking app.
The associates earlier worked in tandem last year to pave way for the New York based Quontic digital bank to start offering a debit card that offers Bitcoin as rewards.
Cryptocurrencies can be accessed via FIS Digital One Mobile platform. Furthermore, FIS Ventures took a stake in NYDIG. Back in March, NYDIG, an associate firm of Stone Ridge, has revealed a $200 million financing round backed by investors such as New York Life, Morgan Stanley, Soros Fund Management, MassMutual and FS Investments.
Morgan Stanely also stated that it would provide cryptocurrency access to its wealthy customers via NYDIG and Galaxy Digital asset administration.
Rob Lee, chief of Global Core Banking and Channels, FIS, said “As demand for bitcoin as a store of value continues to grow, FIS is focused on enabling our core banking clients to respond to growing market demand and better serve their customers. Unlocking these capabilities for financial institutions of all sizes levels the playing field for banking with bitcoin and can drive further innovation.”
In the meantime, FIS has been participating in a range of blockchain events in the last few years. The firm is a member of the governing council of Hedera Hashgraph and Korea’s Klaytn networks (Worldpay with respect to Klaytn), and it is also an associate in Visa’s B2B Connet blockchain based large amount payment platform. Additionally, the firm is working with Billon, the UK/Polish firm holding e-money license and focused on Bitcoin.