As cryptocurrency exchanges increase in popularity and usage, various credit unions and banks situated in the United States have now begun offering the option to buy Bitcoin (BTC) to numerous clients. To that end, both the National Cash Register (NCR), which is a major payments corporation, along NYDIG (a firm specializing in digital asset management) shall be working together to facilitate more exposure to crypto. This will, in turn, enable 650 credit unions and U.S community banks to offer BTC purchases.
Many believe that this development has come as a direct response to crypto exchanges, as the aforementioned financial institutions can no longer sit idly by and watch potential customers choose to do business with the exchanges and not the credit unions and major banks.
Crypto trading to be introduced
As a result of the partnership, there is now a new point of entry for the financial institutions to delve into the market and offer competition to the external exchanges (which experts believe have been luring clients away from traditional banks and other similar organizations over the years).
With this in mind, various mobile apps which are specifically designed by NCR shall be introducing crypto trading to approximately 24 million clients by offering these customers a quick and easy way of purchasing Bitcoin through pre-existing accounts.
Moreover, the institutions that shall be offering this new initiative will be relying on the custody services provided by NYDIG. In doing so, the regulatory framework, which is often observed to be quite demanding and a source for frustration for the crypto exchanges, can effectively be bypassed, and clients can hence begin buying crypto with even greater ease and comfort and can hold the digital assets within the abovementioned financial institutions with little to no problems.
Exposure is increasing rapidly
Ever since March of last year, NCR’s stock had actually managed to rise by a whopping 238%, all while the ongoing pandemic was still in effect. The quarantine rules and restrictions had forced many banks to effectively shut down all physical branches as individuals had to work from home. However, the service providers of financial technology continued to experience consistent growth and expansion.
NCR conducts business activities and operations in several countries, 160 in total, in fact. The services that the company offers range from ATMs to digital banking to even kiosks (point-of-sale) for various restaurants.
In related news, NCR had additionally collaborated with Flexa (a cryptocurrency payment company) in order to enable customers in hundreds of shops to begin utilizing various cryptocurrencies such as BTC, ETH, LTC, and DOGE. The customers could also use crypto to buy gas as well as general goods.