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Bitcoin (BTC) could be on the verge of mainstream adoption. The crypto might soon be within the reach of the average consumer as banks and credit unions now have the capability to offer the selling, buying, and holding of Bitcoins.
“Banks and credit unions of all sizes can facilitate buying, selling, and holding bitcoin within their digital banking platforms,” Finserv announced on Wednesday, according to Bitcoin.com. A global leader in payments and financial technology, Finserv has around 10,000 financial institutions as clients.
To make the Bitcoin option possible, Finserv collaborated with New York Digital Investment Group. NYDIG is a $10 billion alternative asset manager and a Stone Ridge subsidiary focused on financial services and Bitcoin technology.
“The integration with NYDIG will allow consumers to manage bitcoin transactions directly within their financial institution’s online and mobile banking portals, providing users an easy way to buy, sell and hold the popular digital asset through their trusted financial institutions,” Finserv explained.
As a global leader in payments, Finserv facilitates more than 12,000 financial transactions per second. The company serves 10,000 financial institutions, almost 6 million merchants all over the world, and around 100 million users of online banking.
The company has noted that interest in crypto, particularly in BTC, is on the rise. “Interest in cryptocurrency, and particularly bitcoin, has skyrocketed over the past several years, to the point that bitcoin investing is now a commonplace activity,” Finserv chief digital and data officer Byron Vielehr said.
With the Bitcoin capability, banks and credit unions can now offer the service should their clients demand it. “People continue to turn to financial institutions as a central place to manage their financial activity, and being able to offer this capability will help position banks and credit unions at the forefront of their customers’ financial lives,” Finserv added.
Meanwhile, First Foundation Bank has already expressed its interest to offer the Bitcoin service to its clients. “Digital assets have caught the eye of consumers and investors,” CEO Scott F. Kavanaugh said. “If our industry is truly committed to innovation and the financial future of our clients, we need to lead in this area and help create a secure and trusted platform for using bitcoin for everyday financial matters.”
