Payments Giant NCR brings Bitcoin trading to 650 US banks and their 24 million customers – Finance Bitcoin News

Payment giant NCR and New York Digital Investment Group (NYDIG) are working together to enable 650 U.S. banks to offer Bitcoin trading to their 24 million customers through their mobile applications.

24 million customers from 650 Main Street banks could soon have access to bitcoin trading

New York Digital Investment Group (NYDIG) said Wednesday when 650 banks and credit unions in the US will soon be able to offer Bitcoin trading to their customers via their mobile applications.

The Bitcoin option is made possible through a collaboration between NYDIG and corporate payments giant NCR. NYDIG is a bitcoin technology and financial services subsidiary of Stone Ridge, a $ 10 billion alternative asset manager.

NCR digital banking president Douglas Brown was quoted by Forbes as saying:

We strongly believe in the benefits of crypto and its strategic application. And that goes for our banking relationships, as NYDIG proves, and for retailers and restaurants and the like.

Founded in 1884 as the National Cash Register, NCR today employs over 34,000 people in 160 countries; its products are sold in 141 countries. The company was taken over by AT&T in 1991, but was re-established in 1997 as an independent company. NCR’s website states that the company is “the world’s leading provider of retail and hospitality point of sale software” and “the leading provider of multi-vendor ATM software.”

According to research company RBR, NCR is the largest provider of point-of-sale software for grocery and other retail stores worldwide, with a 45% market share. The company serves 180,000 restaurants, retail chains, hotels and more.

Bitcoins purchased through the NCR platform are sourced from various regulated OTC exchanges and sold at a premium, the publication said, adding that the bank sets the transaction fee. NYDIG will take over the custody of the bitcoins. However, Brown said that in the future, NCR will be able to hold cryptocurrency itself.

Tim Vanderham, NCR’s chief technology officer, is also working with nearly 200,000 restaurants and other retail customers to help them accept bitcoin payments, Brown said, noting that NCR may also trade bitcoin over 800,000 ATMs and more.

NYDIG has worked with various companies to enable financial institutions to offer Bitcoin trading to their customers. The company announced a collaboration with Finserv last week to bring bitcoin trading to 10,000 financial institutions. It is also working with Q2 to enable 18 million users to buy and sell Bitcoin.

What do you think of NCR enabling 650 banks to offer Bitcoin trading to their customers? Let us know in the comment section below.

Tags in this story

650 banks, Bitcoin banks, Bitcoin trading, Bitcoin buy at banks, credit unions Bitcoin, NCR, NCR Bitcoin, NCR Crypto, NCR Cryptocurrency, Nydig, Bitcoin Sell Sell

Photo credits: Shutterstock, Pixabay, Wiki Commons

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