Key message: A new collaboration between the National Cash Register (NCR) and New York Digital Investment Group (NYDIG) will enable 650 U.S. banks to offer cryptocurrency purchases and services to more than 24 million customers. Clients will be able to purchase Bitcoin and other popular cryptocurrencies using their bank accounts. This is a direct competition to crypto exchanges.
Collaboration or profit vision?
In the US, a new collaboration has formed between the NYDIG and NRC. Thanks to this cooperation, 650 U.S. banks will be able to offer their clients to buy cryptocurrencies and hold them in NYDIG wallets. These are millions of clients who would be able to easily purchase and handle cryptocurrencies. For banks, this means the ability to invest and trade cryptocurrencies. This is all thanks to the mobile app that NCR has created.
Banks will not take the responsibility of holding crypto assets. Essentially, it is their desire to prevent clients from buying cryptocurrencies on external exchanges, so NCR has seized the opportunity to capitalize on transaction fees by offering facilitating purchases with an existing bank account and other services such as spend.
NCR partnered with crypto payment company Flexa this year and allowed its clients in 600 shops to start using Bitcoin, DogeCoin, Ethereum and other cryptocurrencies to buy gas and other goods.