A great gesture of cooperation between the New York Digital Investment Group (NYDIG) and Enterprise Payments Behemoth NCR, 650 US banks, and credit unions, the Forbes article says that they all can now together along with their millions of clients can buy crypto and put it in NYDG custody wallets.
NCR, an Atlanta-based firm along with New York Digital Investment Group and 650 other US banks provides crypto exposure to 24 million customers in US banks.
Financial institutions can invest in crypto or trade through a mobile application specially created by NCR. This list of eligible banks includes community banks.
While they will also be not responsible for having crypto assets for clients, but enable it with the help of NYDIG’s Custody Services.
The latter will benefit from it by charging a transaction fee and providing additional services to the investor.
NCR is further seeking to make healthy profits with the desire of banks and credit unions to prevent their customers from buying crypto from external exchanges and thus offering crypto deposits instead from their side.
NCR aims for financial institutions to buy bitcoin and other popular cryptocurrencies and spend with their existing bank accounts to initiate direct competition with other already existing big digital exchanges such as CoinBase.
Douglas Brown, the head of digital banking NCR, told Forbes that the company is confident in the positive future of cryptocurrencies and the benefits they could potentially bring to the market.
Yan Zhao, who became NYDIG director last year, said many customers are transferring funds from banks to exchanges such as Coinbase, so now these banks are interested in ending this and joining the crypto business to earn extra income in this volatile and disruptive industry while also bringing easy of transactions to their customers.
NCR became the National Cash Register in 1884. This year, it has partnered with crypto payment company Flexa to thus allow Bitcoin, Doge, and Ether payments to buy gas and other items for customers in 600 stores.