For the first time, customers at some U.S. banks will be able to buy, hold and sell bitcoin through their directly from their bank accounts, according to cryptocurrency custody firm NYDIG.
According to the head of NYDIG, hundreds of banks are already enrolled in the program. While the company is in negotiations with some of the largest US banks, many of the banks who have agreed to participate are smaller institutions.
Until now, bitcoin users have relied on fintech apps like Robinhood, PayPal and Square, or cryptocurrency exchanges like Binance. Banks, on the other hand, have avoided offering bitcoin to retail customers, only recently announcing plans to allow high-income customers to bet on cryptocurrency.
But banks are now rethinking the strategy as they are seeing their customers sending money to cryptocurrency brokers. Forcing them to offer the service directly to their customers.
The expectation is that more people would own bitcoin if they could do so through their existing banks. The increase in cryptocurrency adoption is good for the whole community, for the security of the network and for the appreciation of the currency.