Bitcoin BTC

Two US banks now offering Bitcoin trading via Q2 and NYDIG

  • Five Star Bank and UNIFY Financial Credit Union have started offering Bitcoin trading services
  • They are the first two US banks to start offering BTC trading services
  • The banks partnered with NYDIG and Q2 to offer the crypto trading services

Traditional banks are starting to offer cryptocurrency trading services to their customers.

Two US banks start offering crypto trading services

New York’s Five Star Bank and California’s UNIFY Financial Credit Union have set the record as the first two United States banks to start offering Bitcoin trading services to their clients. This comes as the banks partner with Austin-based Q2 Holdings and New York Digital Investment Group (NYDIG).

By using the Q2 Digital Banking Platform, customers can use each bank’s branded desktop or mobile banking app to buy, sell or hold BTC. They can also see their BTC balance alongside their fiat accounts.

Jonathan Price, Q2’s executive vice president, emerging businesses, corporate & business development, revealed that the interface includes up to ten educational tabs that explain to the users more about Bitcoin and blockchain technology.

He said

We have a robust pipeline of customers — the interest level is very high. We have several customers now in our early adaptor phase with an additional wave of financial institutions planning to deploy by end of the year.

The Q2 executive added that the offering would be available to roughly 450 banks and credit unions by the first quarter of next year.

More financial institutions are entering the crypto space

The past few months have seen numerous traditional financial institutions enter the cryptocurrency space. In recent months, Morgan Stanley, Goldman Sachs, JPMorgan, BNY Mellon and others have entered the crypto space in various capacities.

Five Star Bank’s chief administrative officer Sean Willett stated that due to the market and consumer trends evolving, increasing numbers of consumers are seeking easy, secure access to Bitcoin from sources they trust. Hence, the reason why banks are starting to enter the cryptocurrency space.

Sign up for our FREE mailing list

Join 12,590 others now and get actionable research and analysis sent directly to your inbox.

Post a Comment


Delivered daily, straight to your inbox.