Despite the sheer lack of regulatory framework in the US, the crypto market continues to grow as it frequently fetches critical institutional support from the corporate sector.
The partnership between NRC and NYDIG:
According to a recent article published in Forbes, NRC(a US-based multinational payment giant) and NYDIG(virtual asset management firm) have struck a deal that will enable approximately 650 worldwide financial institutions to allow their 24 million estimated customers to buy and sell crypto directly from their pre-existed bank accounts.
The corporate institution that will benefit from the partnership includes giants like Bay Federal Credit Union (A California-based trade union) and Citizens Bank(North Carolina-based First Citizens Bank).
As a result of the partnership, millions of customers will be enabled to trade crypto through a mobile app, launched by the payment giant.
What are the bases of their partnership:
Observing the ever-increasing demand from the credit unions and banks for a network through which they could be able to make crypto purchases through their bank accounts directly to the outside exchanges.
This direct crypto trade network between the clients and banks would put them in competition with the crypto exchanges.
Douglas Brown, President of NRC digital banking said in a statement:
“We’re firm believers in the benefits of crypto and the strategic application, and that’s true for our banking relationships, as evidenced by NYDIG, and across retailers as well as restaurants and the like.”
A little background of NRC and NYDIG:
With its over 34,000 employees and presence in 164 countries, NRC is a 135-Year-Old Payments Giant, founded in the US as a National cash register. In addition to providing payment services, it is one of the largest points of sale software providers to grocery and other retail stores. According to an RBR’s research, it currently has a 45% share in the market, globally.
Whereas, NYDIG is a New York-based leading technology and financial services firm dedicated to Bitcoin.
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