In response to strong demand from customers, an estimated 300 community banks in the United States are anticipated to start offering Bitcoin trading via mobile apps.
Approximately 300 community banks in the United States are planning to allow clients to trade Bitcoin by the end of the first or second quarter of 2022, according to a news story from American Banker. According to a press release from the American Bankers Association and Independent Community Bankers of America, NYDIG has received investment from both organizations.
“A subsidiary of Stone Ridge, a holding company that has pioneered forward-thinking businesses in the fields of technology and finance, including a $12 billion+ alternatives asset manager.” It offers “Bitcoin solutions across industries, including banking and insurance.”
In 2022, over 300 community banks in the United States will begin to provide Bitcoin trading
Harold Reynolds, CEO of Georgia-based BankSouth with over $1.3 billion in assets, said:
“We have seen significant activity in cryptocurrency transactions from our customer accounts, and a few investments have been rather large, so that is obviously getting our attention.“
On 27 January 2021, Vast Bank announced that it had completed a “complete cryptocurrency transaction” through a collaboration with Coinbase, becoming “the first nationally chartered financial institution to both purchase and provide custody services for a digital asset on behalf of a client and directly from their bank account.”
On August 25, 2021, Vast Bank “a trusted family-owned financial institution serving customers since 1982,” announced the rollout of its new Crypto Banking service.
Vast Bank CEO Brad Scrivner said back then:
“We take pride in getting to know our customers, and that starts with listening. At the heart of many of these conversations is crypto. For quite some time, our customers have been asking why they cannot securely purchase the likes of Bitcoin using their bank account, citing concerns over trustworthiness, safety, and the security of other platforms—all issues which have kept many consumers parked on the sidelines of the crypto phenomenon.
We took this challenge head on, and devoted significant resources to answer this unmet need. We’re excited to bring this service online, and give all consumers the opportunity to explore the world of cryptocurrencies in a way that brings peace of mind that only a bank like Vast can provide.“
Customers will have the option to purchase a variety of cryptocurrencies, including Bitcoin, Bitcoin Cash, Cardano (Ada), Ethereum (Ether), Litecoin, Orchid, and Algorand through the Vast Bank Crypto Banking app in August 2021.
On January 25, Flushing Financial Corporation, the parent holding company for Flushing Bank, released a press release announcing that it had entered into an agreement with NYDIG to offer Bitcoin services to its clients.
Per the bank’s press release, John Buran, President, and CEO of the bank, had this to say:
“As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services. Using NYDIG’s innovative technology to provide seamless access through our relationship with Q2, our online banking provider, we will be able to offer our customers the ability to buy, sell, and hold bitcoin. This partnership provides our customers with a fully integrated solution to conduct bitcoin transactions in a safe and secure environment.“
And Patrick Sells, chief innovation officer at NYDIG, stated:
“On behalf of NYDIG, I’m excited to welcome Flushing Bank and its customers to the bitcoin network,” said Patrick Sells, chief innovation officer at NYDIG. “Consumer interest in bitcoin is growing rapidly and NYDIG has the tools and expertise to help community banks meet that demand. Together with forward-thinking institutions like Flushing Bank, we’re on the path to achieving our mission of bitcoin for all.“
