Fintech firm FIS has partnered with crypto investment firm NYDIG to enable US banking customers access bitcoin services through their existing accounts.
This marks another development in mainstream bitcoin adoption, which has hitherto required consumers to venture beyond conventional banking.
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Leveraging FIS Digital One Mobile solution’s functionality, banks can now help their clients buy, sell, and hold bitcoin using their bank accounts.
NYDIG will be responsible for offering the custodial and trading platform for managing the bitcoin transactions.
Upon implementation of the offering by a financial institution, its customers can view and manage bitcoin holdings together with their traditional accounts in a single view.
Furthermore, FIS’ venture unit FIS Ventures has made an undisclosed investment in NYDIG.
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By GlobalDataFIS global core banking and channels head Rob Lee said: “As demand for bitcoin as a store of value continues to grow, FIS is focused on enabling our core banking clients to respond to growing market demand and better serve their customers.
“Unlocking these capabilities for financial institutions of all sizes levels the playing field for banking with bitcoin and can drive further innovation.”
Last year, FIS and NYDIG collaborated with Quontic Bank to enable the digital bank to provide a Bitcoin Rewards debit card.
NYDIG co-founder and CEO Robert Gutmann said: “While bitcoin adoption is increasing, an accessibility and credibility gap remains for too many who want to buy, sell and hold. Our partnership with FIS, and their core banking clients, bridges this gap.
“We welcome FIS as an investor and we are deeply excited about how our partnership can elevate banks across the country.”
