Hundreds of banks are likely to be involved in the direct sale of cryptocurrencies soon

Thanks to an agreement between NYDIG and NCR, almost 700 banks and their 24M customers will be able to trade cryptocurrencies.

Hundreds of banks are likely to be involved in the direct sale of cryptocurrencies soon

According to the president of the leading fin tech company NYDIG, many banks have been struggling with one problem for a long time, namely the outflow of money to third-party crypto exchanges.

NYDIG therefore came up with a solution that it introduced together with its new partner, the corporate payment provider NCR.

According to Forbes, the agreement has a great ambition  to give up to 650 US banks and their 24 million customers access to the direct purchase of cryptocurrencies.

This bold plan should first work on a simple model where all NCR banking clients will be able to sell and trade cryptocurrencies through their mobile applications. The background and guarantee of ownership of digital assets, on the other hand, will be provided by NYDIG, which in turn will receive fees paid by the bank for each user.

In the future, however, the cooperation could move to the second phase, whereby NCR would take custody of its own digital assets.

NCR president of digital banking Douglas Brown added in this announcement that “Banking today is a daily or a couple of times a day activity for people, which is what we typically see,” whereas “Crypto gets to an hourly or subhourly level of deepening engagement.

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