Despite the downward price trend, the bullish news continues to flood in for Bitcoin (BTC) with the latest announcement that 650 U.S. banks will be able to offer customers the ability to make BTC purchases.
The significance of an aggressive expansion such as this cannot be understated, as this plan encompasses an estimated market of 24 million total customers.
To put things in perspective: at the current time of the publication of this article, there are approximately 60 million active BTC wallets – keep in mind many users keep multiple wallets. With all this in mind, a potential 24 million additional users joining the BTC ecosystem are by no means anything to be taken lightly.
National Cash Register and NYDIG
“Banks have seen that one of the biggest outflows from their depositors is moving money from the bank to exchanges like Coinbase. That (is) part of why banks are so excited to have this capability for themselves and (for) their consumers.”– NYDIG President Yan Zhao.
Founded in 1884, the NCR of today offers enterprise payment solutions ranging from digital banking services to ATMs and restaurant point-of-sale kiosks in 160 countries. NCR will enable community banks and credit unions to provide their clients crypto trading applications built by the payments provider.
A brief explanation of how this will work describes a system where instead of holding crypto directly for customers, the banks will use a custody service as part of a deal between the National Cash Register (NCR) and digital asset firm NYDIG.
Everyday Consumers Behind the Banking Crypto-Catalyst
Since May, dozens of the NCRs banking and credit union clients have come to the company complaining that their customers were using their savings to buy BTC and other cryptocurrencies.
Rather than losing those assets to third-party cryptocurrency exchanges —or sending threats to close the account and sometimes even legal action to their clients — they decided to capture the untapped value by providing these services to the customer base by themselves.
Undoubtedly over the past year or two, in the land of cryptocurrency, things have changed.
The likes of JPMorgan Chase & Co., Goldman Sachs, and Morgan Stanley all taking tentative steps toward accepting BTC and warming up to the cryptocurrency ecosystem as a whole is the writing on the wall that many have been waiting to see.
There remains no longer any question: institutional investors are here, and mainstream adoption is right around the corner.
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