US banks to offer Bitcoin (BTC) trading services by the end of the year

According to CNBC, which obtained the details, the plan to provide Bitcoin trading services in bank accounts may be realized within 2021, and hundreds of banks are said to have participated in the plan to provide services. Although we are still in dialogue with major banks, we plan to provide services mainly to small and medium-sized banks, and it is said that the popularity of Bitcoin will accelerate in the mainstream.

The company that provided CNBC with the details is NYDIG, which provides technology and investment solutions specifically for Bitcoin. NYDIG and fintech company Fidelity National Information Services (FIS) also announced on the 5th that they will jointly provide a service that allows them to buy, sell and hold Bitcoin in bank accounts.

Until now, individual customers of banks have used virtual currency exchanges such as Coinbase and services such as PayPal, Square and Robin Hood to trade crypto assets (virtual currencies) such as Bitcoin. "As the U.S. dollars deposited in accounts are being transferred to exchanges such as Coinbase and Kraken, banks are asking them to provide Bitcoin trading services to complete transactions internally," said Yan Yan, head of NYDIG.

Rob Lee, head of FIS's digital banking division, said: "If small and medium-sized banks offer bitcoin trading and profit from commission income, they will become major banks such as JP Morgan Chase and Bank of America. Pressure to provide virtual currency services to ordinary customers may increase."

NYDIG is planning new services, such as offering debit cards that can be rewarded with Bitcoin and introducing new bank accounts insured by the Federal Deposit Insurance Corporation (FDIC).