Banks and credit unions around US are ready to offer bitcoin purchases

In the near future, 650 banks will have an estimated 24 million bitcoin customers. Credit unions, including the Bay Federal Credit Union in California and the First Citizens Bank of North Carolina, will be able to offer crypto-debt trading to their customers as part of a deal struck between the company payment giant NCR and digital-asset management company NYDIG.

Instead of dealing with the onerous regulatory requirements associated with actually holding the cryptocurrency for their clients, financial institutions that choose to offer the service will rely on Nydig’s custody services.

The latest in Atlanta-based NCR has made an effort to fund crypto-based purchases from its accounts and send them to third-party exchanges when banks and credit unions demand it. Traditional financial institutions are joining a growing number of businesses that compete directly with cryptocurrency exchanges by allowing their customers to buy and spend bitcoin on their existing accounts.

NCR President’s Statement

“We firmly believe in the benefits and strategy of cryptocurrency,” says Douglas Brown, NCR’s president of digital banking.


The National Cash Register

The National Cash Register, founded in 1884 as the National Cash Register, now employs 34,000 people and operates in 160 countries, from digital banks to ATMs and point-of-sale restaurant kiosks. The company’s stock fell 62 percent to $13.43 between January and March 2020.

 Since the quarantine began in March 2020, NCR’s stock has increased by 238% and is now trading at US$45.44, following in the footsteps of PayPal and many other financial-tech service providers in the aftermath of the Covid-19 pandemic. Last year, NCR generated $6.2 billion in revenue from non-cryptomonetary transactions.

NCR, in addition to its financial-sector work, has a 45 percent market share as the world’s largest provider of point-of-sale software for foodstuffs and other retail stores, according to research firm RBR. NCR has 180,000 hotels, retail chains, and other companies in addition to the Fifth Group Restaurants in Georgia and the Metropolitan, all of which could eventually accept bitcoin payments if everything goes as planned.

In May, the 135-year-old organisations partnered with Flexa, a New York-based company that allows customers in Altoona, Pennsylvania to pay for gas and other goods with bitcoin, ether, litecoin, dogecoin, and other cryptocurrencies. Brown now claims that “dozens” of NCR banks and credit union customers have complained about their customers using their savings to buy bitcoin and other cryptocurrencies.

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