According to American Banker, about 300 community banks are scheduled to start Bitcoin trading in the first half of 2022 in collaboration with Stone Ridge subsidiary NYDIG.
These banks claim to be on the verge of introducing Bitcoin trading support after finishing the partnership and resolving security issues associated with this new asset. Local banks believe that adopting cryptocurrency would make them afloat.
“We have seen significant activity in cryptocurrency transactions from our customer accounts, and a few investments have been rather large, so that is obviously getting our attention,” BankSouth CEO Harold Reynolds said.
Vast Bank was the first bank to offer Bitcoin trading and has already found success. In October, this bank partnered with cryptocurrency exchange Coinbase to begin supporting digital assets. Currently, the bank provides 12 crypto assets.
“The Vast crypto banking launch has gone well. In the first four months since launch, we added approximately five times our historical retail customer base, and those customers are in all 50 states and three U.S. territories,” said CEO Vast Bank Brad Scrivner.
Synovus Financial, another small Georgian bank, intends to include Bitcoin trading in its mobile app later this year. Zack Bishop, EVP of Synovus Financial, shared that banks are taking digital assets more seriously. “We think that that’s the beginning point of how the operational structures on the back end of the bank need to start to pivot toward working on blockchains. Cryptocurrency was the first place we wanted to be.”
In May, NYDIG announced a collaboration with Fidelity National Information Services (FIS) to support banks launching Bitcoin services. In July, NYDIG announced a partnership with financial technology firm Fiserv to enable hundreds of US banks and credit unions to provide Bitcoin to their customers.
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