A new partnership will allow Americans to purchase bitcoin from more than 600 banks in the United States.
According to fresh reports, a new partnership between digital asset management firm NYDIG and payments behemoth National Cash Register (NCR) will allow 650 U.S. banks and credit unions to offer crypto trading services to clients through mobile apps.
North Carolina-based First-Citizens Banks and credit unions in California like the Bay Federal Credit Union will also benefit from the partnership.
The deal will eliminate the regulatory bottleneck preventing U.S. citizens from accessing bitcoin with ease. It aims to expose BTC to mainstream adoption as an estimated 24 million clients will be able to access the service.
NCR will provide the app and infrastructure, while NYDIG will deliver custodial services to financial institutions that are ready to offer crypto services to clients.
The first phase of the deal will allow NCR’s banking customers to buy, sell, and trade bitcoin and other crypto-assets through an app.
Speaking on the development, NCR digital banking president, Douglas Brown noted;
We’re firm believers in the benefits of crypto and the strategic application. And that’s true for our banking relationships, as evidenced by NYDIG, and across retailers as well as restaurants and the like.
Brown also believes that banks will follow PayPal’s move to promote the use of crypto as a payment option.
This is not the first time NCR is partnering with a crypto-related firm. In May, the payments giant teamed up with crypto payment startup Flexa to allow U.S. citizens to spend their bitcoin at over 600 convenience stores across the country.
In another development, banks in Texas received regulatory approval earlier this month to provide bitcoin and crypto custodial services to clients.