Enterprise payments company NCR Corporation has reportedly struck a deal with investment services firm NYDIG that will enable 650 U.S. banks and credit unions to offer bitcoin purchases to millions of customers.
According to a Forbes report published Wednesday, the partnership will provide an estimated 24 million customers the ability to trade the cryptocurrency on mobile applications developed by their payments providers.
NYDIG, which has $6 billion of assets under custody, is a subsidiary of the $11 billion asset management firm Stone Ridge.
The financial institutions that have opted into the deal do not have to actually hold bitcoin for their customers. Rather, they can use NYDIG’s custody services to offer their customers the ability to access the cryptocurrency. In addition to providing custody services, NYDIG will charge cryptocurrency transaction fees and provide additional investment services.
NYDIG’s growing network
NYDIG has announced several business deals in recent weeks, which are mostly geared toward enabling traditional financial institutions to access cryptocurrency. The firm has already announced collaborations with FIS, Fiserv, Q2 and Alkami, all of which are financial service providers and work with numerous local banks and credit unions.
“The breadth of these partnerships shows both the speed and scale with which the banking industry is changing, and the ubiquity and ease of access to Bitcoin that we are driving with our partners,” Patrick Sells, head of bank solutions at NYDIG, told The Block earlier this week.
NYDIG’s partnership with Fiserv, a payments solutions provider that reaches 40% of all financial institutions, will even enable banks to introduce bitcoin rewards programs.