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Moven 'bank in a box' platform to come with bitcoin built in

Moven 'bank in a box' platform to come with bitcoin built in

Moven is to add a suite of bitcoin-related products to its 'bank in a box' platform, allowing financial institutions to tap the surging cryptocurrency markets.

Moven is teaming up with digital asset firm Nydig to provide turn-key bitcoin products and services, such as the ability to buy, sell, and hold bitcoin, savings accounts that pay interest in bitcoin, and a bitcoin credit card rewards program.

The API integration will include the provision of secure custody, execution, and reporting services to provide a streamlined one-stop-shop for servicing banks and their customers.

Kesh Talwar, CEO and CRO at Moven, said of the collaboration, “The growth of fintech platform and of cryptocurrencies have both been striking, but the two worlds have largely been separate. Consumers trust the financial services companies with whom they already have a relationship. The data is clear: 17% of PayPal’s users bought Bitcoin through them in the first month; consumers trust financial services companies. Now, through this partnership, Moven can bring this opportunity to all in an incredibly streamlined fashion.”

Research by Nydig shows shows that over 80% of Americans who own bitcoin today would rather hold it with their banks, and that over 85% would rather buy it through their banks.

Patrick Sells, head of bank solutions at Nydig, comments: “As a former banker, this blew me away. Many banks have felt left behind with the rise of fintech, but today, banks have the opportunity to capitalize on the fact that their customers strongly prefer them to be in the lead when it comes to bitcoin.”

Moven is Nydig's second banking technology partner. The company sealed a similar plug-in deal with Q2 in November.

Comments: (2)

A Finextra member
A Finextra member 12 January, 2021, 18:50Be the first to give this comment the thumbs up 0 likes

 Is it correct to say

'no asset=bitcoin',

'no internet=no bitcoin'

Russell Bell
Russell Bell - Fastbase Ltd - Wellington 13 January, 2021, 01:34Be the first to give this comment the thumbs up 0 likes