Fintech giant FIS has invested in cryptocurrency technology firm NYDIG as part of a wider deal that sees the pair offer banks the ability to let their customers buy, sell and hold bitcoin.
Despite the growing popularity of cryptocurrency, consumers and businesses usually still need to go outside of their traditional banking relationship if they want to buy bitcoin.
Now, banks can use FIS Digital One Mobile technology to provide bitcoin services within their apps. NYDIG will provide the secure custodial and trading platform for managing the bitcoin transactions.
Rob Lee, head, global core banking and channels, FIS, says: “As demand for bitcoin as a store of value continues to grow, FIS is focused on enabling our core banking clients to respond to growing market demand and better serve their customers.”
Robert Gutmann, CEO, NYDIG, adds: “While bitcoin adoption is increasing, an accessibility and credibility gap remains for too many who want to buy, sell and hold. Our partnership with FIS, and their core banking clients, bridges this gap.”
FIS Ventures has also made an investment in NYDIG for an undisclosed amount. In March, Morgan Stanley and Soros Investment Fund joined a $200 million growth capital round for the firm.