US payment services provider Fidelity National Information Services has partnered with crypto custody giant New York Digital Investment Group LLC (NYDIG) to enable banks to buy, hold, and sell bitcoin through their existing accounts.
Fidelity is a vendor to banks with nearly 300 million checking accounts, potentially providing easier access to crypto to the majority of the country. They’ll be handling the link to lenders, while NYDIG will take care of bitcoin custody and trade execution.
According to Patrick Sells, Head of Bank Solutions at NYDIG, hundreds of banks are already enrolled in Fidelity’s program, with more in the pipeline.
Demand to join the project has so far been limited to smaller banks, but could adoption put pressure on giants like JPMorgan Chase and Bank of America to offer crypto to their retail banking customers too?