Customers of the US financial services provider Five Star Bank will soon be able to buy and invest directly in bitcoin (BTC) directly from their bank accounts thanks to a partnership with NYDIG.
Five Star Bank to Offer Bitcoin Trading Services
New York Digital Investment Group (NYDIG) has partnered with US-based Five Star Bank to bring bitcoin trading and virtual currency transaction facilities on board for the latter’s clients before the end of Q2 2022.
According to the announcement, Five Star Bank plans to integrate the full-stack BTC platform developed by NYDIG into its online banking service and mobile banking application. This will enable the bank’s account holders to manage their digital transactions via a regulated channel and deny crypto-adoption concerns related to decentralized wallets and key management.
The partnership will provide clients with an industry-standard and regulatory service they can leverage to monitor traditional fiat assets and BTC investments, both firms said.
Commenting on the announcement, Five Star Bank chief operating officer Martin K. Birmingham expressed intentions to bridge the gap between existing fiat-backed assets and bitcoin by offering customers a secure digital solution. Birmingham added:
“Thanks to NYDIG, we create a secure, efficient and more user-friendly way for our customers to manage their digital transactions. Customer experience remains at the forefront of our focus at Five Star Bank, and we are proud to present a cryptocurrency investment solution that provides access to this emerging portfolio option for consumers within our geographic footprint and, frankly, across the land will widen. . ”
Sean Willett, the bank’s chief administrative officer, added that the exponential growth occurring in the digital asset industry has played a major role in entering into the partnership with NYDIG. Willet also stressed the importance of supporting an increased investment appetite for cryptocurrency.
NYDIG’S BTC Banking Mission
First Star Bank now joins a growing list of US financial services providers to integrate NYDIG’s features. Back in 2021, the bitcoin company partnered with California-based First Foundation Bank and Internet banking firm Q2, to name a few.
Indeed, the latest development is in line with NYDIG’s ambitions to provide American citizens with access to bitcoin. CryptoPot previously reported that the firm has entered into a partnership with US insurance heavyweight MassMutual. The agreement was aimed at exposing qualified investors to a bitcoin fund.
In June 2021, the National Cash Register (NCR) announced its collaboration with NYDIG to allow 650 credit unions and US banks to offer crypto-commerce services through mobile applications.
The bitcoin company has also partnered with restaurant and hospitality giant Landry to launch a BTC loyalty rewards program across the latter’s 500 locations.
Exhibited image courtesy of Five Star Bank
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