By Larry Wright
Since the introduction of cryptocurrencies and digital assets a decade ago, there had been a cold war between banks and DeFi exchange platforms. However, this year Bitcoin managed to get to $64,500 for the first time in history. This resulted in the cryptocurrency market looming into a $2 trillion industry. On the other hand, many known traditional financial organizations have already leaped into the crypto arena.
Banks can’t keep showing their backs to the digital asset revolution. A new article published in Forbes confirmed the notion by reporting on a crucial venture. NCR, the digital software giant, has partnered with NYDIG to allow more than 650 banks in the US to start crypto trading. These banks would be able to make crypto trading disposal for their 24 million client base.
The US Banks seem to be getting behind to capture the interest of their clients. More and more users are switching to crypto exchange platforms for digital assets trading. NCR officials claim that it is the perfect time to take advantage of the increasing interest of banks to divert the client’s traffic. Banking enterprises want to ensure that their consumers can buy and sell cryptocurrencies directly from their service providers without looking for a third-party crypto exchange.
Douglas Brown, head of digital banking at NCR, told media that the firm believes in the potential growth of cryptocurrencies and the benefits that they can offer. Yan Zhao, NYDIG director, told Forbes that more consumers are moving their savings from banks to crypto exchanges. Therefore, it has created an interesting market rivalry.
NCR has Developed a Special Software Platform for Bank Consumers Regarding Crypto Trading
The new partnership between NYDIG and NCR would directly allow millions of bank consumers to trade Bitcoin and other cryptocurrencies. Meanwhile, financial enterprises would also be able to raise stakes in digital assets or trade them. The NCR development team has launched a smartphone application for this purpose. Community banks are also included in the list of fintech institutions that would enroll in the program.
NYDIG would be providing custodial services for cryptocurrencies in this scenario. The fiat currencies would be operated under the same rules by banking units. NCR would also be liable to charge transaction fees and introducing premium value-added services to the investors. NCR has also signed a contract with Flexa. Flexa is a crypto payment enabler that allows investors to utilize digital assets like Bitcoin, Ethereum, Dogecoin, and other altcoins as a mode of payment.