After years of battling to gain recognition in the cryptosphere, New York Department of Financial Services (NYDFS) announced it would be making its debut on the market in the coming months.
US-based payment processing giant First Data’s new “all in one” prepaid card represents a significant step forward in making blockchain technology accessible for a wider range of people. Launched on the Stellar network, the card will interact with all the other major chains as well as existing banking infrastructure, enabling users to spend their digital currency in ways that would be impractical with a native coin.
One of the biggest hurdles in the crypto ecosystem has been getting the general public to understand the benefits of digital assets…. At NYDIG, we’ve been working hard to build awareness in the community and beyond, but we’re not alone on this journey. So, the good news is that we have a partner in the space who also wants to help.
Despite the complete absence of a regulatory framework in the United States, the cryptocurrency market continues to grow, often with crucial institutional support from the business community.
Partnership between NRC and NYDIG.
According to a recent article in Forbes, NRC (a US multinational payments giant) and NYDIG (a virtual asset management company) have reached an agreement that will allow some 650 global financial institutions to allow their 24 million customers to buy and sell cryptocurrencies directly from their existing bank accounts.
Among the companies that would benefit from this partnership are giants like Bay Federal Credit Union (a California-based credit union) and Citizens Bank (First Citizens Bank of North Carolina).
The partnership will allow millions of customers to trade cryptocurrencies through a mobile app launched by the payments giant.
What is the basis of their partnership?
We are seeing increasing demand from credit unions and banks for a network that allows them to buy cryptocurrencies directly from external exchanges through their bank accounts.
This direct network for exchanging cryptocurrencies between customers and banks will put banks in competition with cryptocurrency exchanges.
Douglas Brown, president of digital banking at NRC, said in a statement:
We strongly believe in the benefits of cryptocurrencies and their strategic application, and this applies to our banking relationships, as demonstrated by NYDIG, but also to retail, hospitality, etc.
Some information on the NRC and NYDIG.
With more than 34,000 employees and a presence in 164 countries, NRC is a 135-year-old payments giant founded in the United States as the National Cash Register. In addition to payment services, the company is one of the largest providers of point of sale software for grocery stores and other retail outlets. According to RBR Research, it currently holds 45% of the global market.
While NYDIG is a leading New York-based bitcoin technology and financial services company.NYDIG, a leading payments processor that processes over $7 billion in transactions annually, has partnered with US-based crypto and blockchain company Coinbase to allow its customers to purchase crypto with USD. NYDIG customers will be able to use Coinbase as a bridge, while Coinbase will be integrated into NYDIG’s payment processing services.. Read more about next bitcoin stock and let us know what you think.
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