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NYDIG, one of the biggest bitcoin provider for institutional investors has partnered with FIS Global, the largest processing and payments company in the world with revenue of $12 billion, to bring bitcoin to bank accounts.
The FIS Digital One Mobile solution allows banks to provide bitcoin services through an “easy-to-use digital experience” they say.
This was apparently trialed by Quontic Bank in partnership with FIS and NYDIG in late 2020 to enable the New York-based digital bank to be the first FDIC-insured financial institution in the U.S. to go live with a Bitcoin Rewards debit card.
“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,” said Rob Lee, head of Global Core Banking and Channels at FIS. “Unlocking these capabilities for financial institutions of all sizes levels the playing field for banking with bitcoin and can drive further innovation.”
If their service is integrated, then banking customers are able to see their bitcoin holdings alongside their fiat account in a single view, in addition to being able to sell or buy bitcoin.
“Working with an innovative leader like FIS on this integration will usher in a new age of financial freedom, choice, and trust for consumers with their existing banks,” said Robert Gutmann, co-founder and CEO of NYDIG.
Numerous mega banks have began offering bitcoin services to their wealthy clients, but bank account bitcoin integration for retail is rare.
Instead crypto exchanges and brokers act as a second bank account of sorts, with Coinbase being the best known.
Some exchanges, like Kraken, have become actual banks, so going the other way around rather than banks coming to crypto, but this partnership may now facilitate the latter a bit more as bitcoin’s adoption continues to increase.