TL;DR Breakdown
• Fiserv partners with NYDIG (New York Digital Investment Group) to help better Bitcoin clients.
• Both companies will facilitate the purchase and sale of Bitcoin with this partnership.
The American company Fiserv with the New York Digital Investment Group (NYDIG) wants to offer its clients services for buying, selling and holding Bitcoin. Irvine, California, both work with First Foundation Bank to bring this new service to market.
Scott F. Kavanaugh, the First Foundation CEO, says they are committed to innovation and their clients’ financial future. He states they must lead the entire area to help create a safe and reliable platform to hold and use Bitcoin in day-to-day financial operations.
Fiserv’s deal will help its clients to handle Bitcoin
This agreement comes just a month after the New York Digital Investment Group signed an agreement with the payment processor FIS on Bitcoin services. Under this merger, FIS has invested an undisclosed amount in NYDIG through its investment arm, FIS Ventures.
The director of data and digital services at the US Company Fiserv, Byron Vielehr, has commented that digital currencies, especially in Bitcoin, have exploded in recent years. Investment in Bitcoin is now the most common activity.
He also added that people continue to turn to financial organizations as a central area for managing their financial operations. Helping provide this capability will see banks position themselves in the crypto world. He says credit unions will be evolving and at the forefront of their client’s financial lives.
Both companies will help their clients to have more investments
An increasing number of large banks are connecting their customers to the crypto market through Bitcoin services. BNY Mellen announced in February it was transferring, holding, and issuing digital currencies on behalf of its asset management clients.
Goldman Sachs relaunched its crypto trading and trading desk in March. Other organizations also announced this month they would launch new units that will focus on digital finance. Wells Fargo has said it plans to offer its crypto investment platform to wealthy clients starting in June.
Clients have continued to invest in cryptocurrencies despite being volatile. Bitcoin, for example, had a drop in value and hit $3,850 at the start of the COVID-19 pandemic. This BTC price instability has led the Basel Committee on Banking Supervision and the Bank for International Settlements to issue reports on Bitcoin.
NYDIG has commented that banks can play an essential and more critical role in the Bitcoin evolution. They can make it accessible in an innovative and novel way.
Through the service offered by Fiserv and by NYDIG, financial institutions will offer their clients a rewards program based on Bitcoin.
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