NYDIG has announced a flurry of partnerships that point to what, by all appearances, is an ever-expanding goal for the bitcoin services company: to broaden access to cryptocurrency in the banking world.
NYDIG, which has $6 billion of assets under custody, is the bitcoin arm of the $10 billion asset management firm Stone Ridge. Thus far, it has teamed up with FIS, Fiserv, Q2 and Alkami — all of which are providers of financial services and serve as underpinning infrastructure for local banks and credit unions.
“The breadth of these partnerships shows both the speed and scale with which the banking industry is changing, and the ubiquity and ease of access to Bitcoin that we are driving with our partners," Patrick Sells, head of bank solutions at NYDIG, told The Block.
One of NYDIG's recently announced partnerships was with Q2, "a leading provider of digital transformation solutions for banking and lending," according to an NYDIG release.
The two firms said that they will "collaborate together to provide the more than 18.3 million registered users on the Q2 platform with the ability to buy, sell and hold bitcoin." Sells pointed out that Q2 provides digital banking to 10% of Americans and for 30 out of the top 100 banks in the U.S.
In the release, NYDIG CEO Robert Gutmann, who is also a co-founder of Stone Ridge, said, "The work we will do together will be key to making Bitcoin as easily accessible as possible through incumbent financial institutions, enabling the continued growth of the Bitcoin network."
NYDIG also announced a deal with Alkami, connecting Alkami's customer base — including credit unions — with NYDIG's bitcoin investment services.
"With the addition of the NYDIG solution to the Alkami Platform, Alkami’s clients can provide secure Bitcoin services that consumers and businesses can easily access and interact with through the Alkami Platform," Alkami's chief strategy and sales officer Stephen Bohanon said in a statement. Sells noted that Alkami is currently the fourth largest digital banking provider in the U.S.
The third recent deal was with Fiserv, a provider of payments solutions. According to the release, the deal similarly enables financial institutions to let their customers buy, sell and hold bitcoin. Beyond that, the two firms are working on enabling banks to provide bitcoin rewards programs. Sells told The Block that Fiserv reaches 40% of all financial institutions, touching nearly every houshold in America.
These recent deals follow NYDIG's partnership announcement with FIS in April, a deal that was also centered around giving digital banking users bitcoin management capabilities. Earlier this year, FIS took part in NYDIG's $200 million funding round. NYDIG has also raised money from Morgan Stanley, MassMutual and New York Life, among others.
In a broader sense, this week's Q2, Alkami and Fiserv tie-ups indicate that NYDIG is eyeing a greater market share as a services provider at this particular business intersection. As for the scope of these recent partnership, data shows that NYDIG will support bitcoin buying capabilities across 48.5% of all retail banking customers at U.S. financial institutions.
© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Institutions are hesitant about investing in Bitcoin, cryptos – Here’s why
The latest insights into digital asset investment products (DAIP) and their weekly numbers highlight a troubling trend. Needless to say, such a trend is bound to come to the attention of investors too. The report, published by CoinShares, found that last week marked the third consecutive one with diminishing inflows into these investment products. With […]
Bitcoin: Here’s the case for an early Christmas in October for BTC holders
Is optimism around Bitcoin [BTC] and its holders seeing a solid foundation despite the daunting bear? Well, it certainly looks like the case. The overall supply on exchanges has dropped to extreme lows, as per data from Santiment. Here, it’s worth noting that the drop came at a time of wide-market sell-offs. Here’s AMBCrypto’s Price Prediction […]
Is Bitcoin’s [BTC] low recent volatility the ‘calm’ before a ‘stormy’ uptrend
Bitcoin [BTC] investors closely watching its performance over the last few days may have seen lower volatility towards the end of September. This may just have been a likely outcome due to uncertainty regarding how it will perform in October. This performance, in fact, may be akin to the calm before the storm, one in […]
Bitcoin (BTC) Price Prediction 2025-2030: Is $937K still realistic after 2022’s winter?
Disclaimer: The datasets shared in the following article have been compiled from a set of online resources and do not reflect AMBCrypto’s own research on the subject If you’re a Bitcoin holder, I’m guessing you’re not really happy. After all, when you bought into the world’s largest cryptocurrency, the expectation was it would soon hit […]
Bitcoin’s emission rate might surprise HODLers in this bear season
The bear market has been in effect for some time, and it may have resulted in Bitcoin reducing its emissions. The reports from the Cambridge Centre for Alternative Finance showed a decline in Bitcoin power demand and consumption. This has also resulted in a decrease in emissions. Well, the drop in the price of Bitcoin […]
Bitcoin’s roller coaster ride had these turns to reach below $20k
Assessing the broader market condition, in the current times, cryptocurrency hype looks to be fading away into the mist as per Santiment. In fact, crypto-related commentary hasn’t been this scarce since the end of 2020. That being said, the price of the king coin witnessed yet another correction below the $20k mark. But, interestingly, the […]
Bitcoin think tank says ‘No’ to CBDCs and lends credence to…
The Central Bank Digital Currencies (CBDCs) should be rejected, and in their place, the United States should look to Bitcoin (BTC) and stablecoins, according to the U.S. think tank Bitcoin Policy Institute. Authors including former Kraken growth lead Dan Held and Texas Bitcoin Foundation executive director Natalie Smolenski Ph.D. contend that CBDCs will deprive the […]
As Bitcoin reclaims $20k, can BTC traders drive bulls to aim for the sky
Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice. The downtrend from November was still in play for Bitcoin [BTC]. The ascent back above $20k can be encouraging for lower timeframe traders and liquidated many participants bearishly positioned. Long-term investors might want to await […]
Bitcoin traders rejoicing over BTC crossing the $20k mark may want to read this
Bitcoin [BTC] holders, after witnessing the glory of its all time high in November 2021, have been counting their losses for most of 2022. On a year-to-date basis, the price of the king coin has fallen by 57%, data from CoinMarketCap revealed. Furthermore, Grayscale researchers Matt Maximo and Michael Zhao, published a report that stated […]
Are Bitcoin HODLers, retailers at crossroads over BTC’s future growth
On 26 September, as per Glassnode, a crypto analytics company, the Coin Days Destroyed(CCD) metric of BTC was at an all-time low. This statistic implied that despite the bearish movement of BTC, long-time holders were staying put and were HODLing their supply. Evidently, long-term HODLers of Bitcoin have renewed faith in the king coin, and […]
Bitcoin [BTC] traders, before you become exit liquidity, read this
Holders of the largest cryptocurrency, Bitcoin [BTC], might have a cause to be joyous in the coming days, blockchain analytics platform, Santiment, recently found. According to it, the just concluded trading session last weekend was marked by a surge in interest in BTC on multiple social platforms. Santiment noted further that amongst the top 100 […]
Bitcoin Hodlers Remain Steadfast, Coins Aged over 3 months Hit ATH of 86.3%
Despite Bitcoin lacking a significant upward momentum, this has not dampened the spirits of hodlers because coins aged at least 3 months hit an ATH of 86.3%, according to Glassnode. (Read More)
Bitcoin [BTC]: Investors should consider these factors before making a decision
Bitcoin’s (BTC) performance over the past month hasn’t made anyone happy, with BTC not recording many upticks on the charts. Even so, opinions are diverse. While some think a price surge could be incoming, others think the cryptocurrency might fall further down the charts. Interestingly, a look at a few analyses and market indicators can […]
Bitcoin ETP set to debut on European stock exchange- Decoding details
Toronto-based Valour Inc. (formerly known as DeFi Technologies Inc.) is set to debut its Bitcoin Carbon Neutral Bitcoin Exchange Traded Product (ETP) on Börse Frankfurt, Germany’s largest stock exchange. About the company According to the press release, Valour Inc. was founded in 2019 and is the first and only publicly traded company that “bridges the […]
Bitcoin [BTC] downtrend continues but is it right time to go short
Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion. Fears that the Federal Reserve does not yet have inflation under control were confirmed over the past two days. Chair of the Federal Reserve Jerome Powell signaled further pain could be in store as […]
Bitcoin [BTC] investors looking for relief might get some after reading this
Bitcoin [BTC]’s performance has been sluggish lately as the king coin failed to register upticks during the past few weeks. BTC’s seven-day chart was painted red as its value decreased by more than 7%. Recently, BTC’s price touched a three-month low, which was followed by a spike in BTC’s hourly negative sentiment spike. This stood […]