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Leading U.S. Banks To Permit Crypto Trading This Year Soon.

The era of American banks associated with crypto assets as anathema might be coming to an end.

In line with an official report by CNBC on Wednesday, New Digital Investment Group has inked a collaboration with fintech staple Fidelity National Information Services to offer a framework for United States banks to offer cryptocurrency trading services to their users.

Patrick Sells, bank solutions chief at NYDIG told CNBC that several banks have already signed up for the program with the bulk being smaller financial institutions. Additionally, leading Sells also added that the corporate is in talks with leading U.S. banks to participate within the program.

As per the NYDIG exec, renowned names like Bank of America and JPMorgan could also be incentivized to return on board once smaller banks begin to reap the rewards of retail cryptocurrency trading adoption. BoA is one of the staunchest anti-cryptocurrency banks within the U.S., regularly disputing the worth proposition of Bitcoin [BTC] and crypto-assets.

As a part of the collaboration between the NYDIG and therefore the FIS, participating banks will be now offering direct crypto trading for their users straight from their existing accounts.

Banks greenlighting cryptocurrency trading could see United States lenders competing with platforms like Robinhood, Coinbase, and Square, among others. As reported earlier, about 9.5 Mln users traded crypto on Robinhood’s platform in Q1 2021.

Indeed, NYDIG President Yan Zhao said that the huge revenue being reported by the likes of Robinhood and Coinbase was the kicker for United States banks to line their sights on retail crypto trading:

“This isn’t just the banks thinking that their clients want bitcoin, they’re saying `We need to do this because we see the data. They’re seeing deposits getting to the Coinbases and Galaxies and Krakens of the world.”

United States lenders offering retail cryptocurrency trading will also constitute a 180-reversal on the consensus among financial institutions within the country regarding crypto assets.

The likes of Goldman Sachs and Morgan Stanley have recently revealed plans to offer Bitcoin [BTC] funds to institutional clients.

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