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U.S. lenders offering retail crypto trading

U.S. lenders offering retail crypto trading

NYDIG execs say that the United States banks will allow Bitcoin trading in 2021. Moreover, the U.S. leaders are keen to get into the Crypto trading action. In addition, they want to enable consumers to buy Bitcoins right from their accounts.

The American banks’ era regarding cryptocurrencies as evil is coming to an end. A new digital investment group has linked a partnership with the Fintech Fidelity National Information Services. This is according to a CNBC report on Wednesday.

This partnership provides a better framework for the United States banks offering Crypto trading services to their customers. According to Patrick Sells, Bank solutions chief at NYDIG, several banks have already signed up for the program where the majority are smaller Financial Institutions.

Sells also added that the company is talking with central United States banks to participate in the program.

Collaboration between FIS and NYDIG

Because of this collaboration, all participating banks will directly offer direct crypto trading to their customers from the existing accounts.

Banks that are greenlighting Crypto trading could see that the United States lenders are competing with platforms like Coinbase, Robinhood, and Square, among others.

According to a Cointelegraph report, about 9.5 million customers traded crypto on the Robinhood platform during the first quarter of 2021. Banks are seeing that the deposits are going to the Coinbases and Galaxies and Krakens of the world.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.