After hitting its all-time high of $63,000 in mid-April, Bitcoin plunged to $49,000 before climbing back to around $57,000 as of Wednesday afternoon.
However, investors who are quick to dismiss Bitcoin amid the rise of more affordable altcoins should think twice.
Crypto custody firm NYDIG on Wednesday said it has teamed up with Fidelity National Information Services to enable hundreds of banks to offer Bitcoin to customers in the coming months.
JPMorgan, whose chief executive Jamie Dimon called Bitcoin a fraud in 2017, is also preparing to offer an actively managed Bitcoin fund to its private wealth clients for the first time.
While Dimon said at The Wall Street Journal CEO Council summit on Tuesday that he still does not care about Bitcoin personally, the clients of big and small US banks are clamoring for access to the world s first and most popular cryptocurrency.
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NYDIG Partners with FIS to Bring Bitcoin to 300M US Bank Accounts
May 5 2021 · 18:09 UTC by Steve Muchoki · 3 min read
Photo: Depositphotos
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Robby Gutmann, CEO of NYDIG, said that banks have shown great interest to incorporate Bitcoin as an asset.
In one of the latest and largest institutional moves towards the cryptocurrency market, NYDIG has announced a strategic partnership with Fidelity National Information Services (FIS) Inc (NYSE: FIS) to bring Bitcoin (BTC) to over 300 million United States banks in the coming months.
“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationships,” said Patrick Sells, head of bank solutions at NYDIG. “If I’m using my mobile application to do all of my banking, now I buy, sell and hold bitcoin.”
NYDIG and FIS will use the FIS Digital One Mobile solution to let banks offer BTC services.
Per Robert Guttman, this solution will bridge the gap between crypto and traditional finance.
This partnership also saw FIS invest an undisclosed amount of money in NYDIG.
Crypto custody firm NYDIG has joined hands with Fidelity National Information Services (FIS), a leading FinTech company to help US banks integrate crypto in their operations. The two firms seek to develop a solution that will let banks offer their clients the ability to purchase, hold, and sell Bitcoin (BTC) through their bank accounts. Allegedly, hundreds of banks have already enrolled for this program, which is set to go live in the next few months.