Bitcoin is now ready to take another step toward being adopted commonly, according to the latest reports. You will be glad to hear that for the first time in the history of bitcoin, some of the banks of the US are going to accept the bitcoins, according to the reports given by the crypto custody firm that is NYDIG. This means that the customers of these hundreds of US banks will shortly be able to make the bitcoin transactions through their won existing accounts in the banks. If you have an account on any of these banks, then you can buy bitcoin, sells then and can even hold the bitcoins. You should try Bitcoin Wallet to know more about bitcoins and their trading.
Now you may be thinking about how this happened, right? Well, you need to know that Stone ridge, which is a New York-based company, has done a partnership with the fidelity national information services to allow the banks of the US to offer the bitcoins services to its customers in the upcoming months.
- According to the head of the bank solution in the NYDIG, Patrick sells, there are hundreds of banks in the US that have got themselves enrolled in this program already. At the same time, the firm also has meetings and discussions with the other big banks of the US. There are so many lenders who have accepted this deal, and they have agreed to participate in this program.
- Patrick sells says that what they are doing is just for making the use of bitcoin simple for the American people who deal with bitcoin. In this way, they will be able to buy the bitcoin with the help of their existing accounts in the banks. You will be amazed to hear that the customers can also use bitcoin and manage them through their mobile app of the bank. It will be a huge convenience for the bitcoin investors and traders because they can sell, buy and hold the bitcoin through the bank app also.
- Up until now, the bitcoins holders and traders were using apps for trading like PayPal, square, robin hood, etc., but on the other hand, the banks have been directed clearly to use the bitcoin with their existing accounts. This will help people to invest their money in bitcoin without worrying about anything and without putting in much effort.
- According to the statement of Yan Zhao, who is the president of NYDIG, the banks are now accepting the bitcoins because they have seen their customers making the payments through Coinbase, Kraken, and some other crypto exchanges. This decision was not taken by the banks for their customer because they want bitcoin, but they have taken this decision as there was a need to do this as they have seen the data. The banks are seeing extensive deposits going to the crypto exchanges.
- It is essential for you to know that since the hundreds of small banks have decided to get enrolled in this program, so it will give pressure on the big banks of the US too. According to the head of digital banking in the national fidelity information, rob lee, the big banks of America might have to offer the bitcoin and other crypto services to their customers just because of this pressure.
- Morgan Stanley was the first-ever bank that came forward to accept this partnership and to start offering the bitcoin funds to its customers in the month of March. After this agreement, Goldman Sachs was the second bank which quickly followed by making an announcement. Earlier, most people were not able to invest in these things but now, when you have a bank in your support, then you can buy the bitcoin for as little as one dollar without any inconvenience. This decision is really a massive thing for the empowerment of the economics in the nations, according to Zhao.
- Banks are the institution that is going to decide that how much cost they will charge from the clients for the trading of the bitcoin. After the implementation of this initial creation of bitcoin to the clients, the NVDIG is also planning on offering some other services to its clients too. These extra services include the rewards of debit cards to be paid in the form of bitcoin and new bitcoin accounts, which is insured by FDIC, but they will also pay the interest of it in the form of bitcoins only.