Atlanta-based payments giant NCR will soon enable over 24 million customers at 650 banks to buy Bitcoin.
As part of its deal between NCR and digital asset management firm NYDIG, community banks will be able to offer Bitcoin purchases through mobile applications built by the payments provider.
NYDIG says the new partnership that will power wider adoption of the world’s leading cryptocurrency.
“NCR reaches 24 million consumers through its digital banking platforms and our partnership will offer turnkey access to Bitcoin for Main Street banks. Forbes covers how we’re working to expand customer access to the Bitcoin network.”
While the consumer will feel like they’re transacting directly with their bank to buy Bitcoin, instead of going through banks that must meet cumbersome regulatory requirements in order to hold cryptocurrencies, purchased assets will pass through NCR and will rely on NYDIG’s custody services.
According to a report by Forbes, NYDIG president Yan Zhao suggests the partnership with NCR is a boost for banks that can now provide their own crypto services.
“A lot of these banks have seen that one of the biggest outflows from their depositors is moving money from the bank to exchanges like Coinbase, and so that’s part of why banks are so excited to have this capability for themselves and for their consumers.”
NCR offers financial services in 160 countries. It offers digital banking options, ATMs and restaurant point-of-sale kiosks.
In addition, NCR, founded in 1884, is the largest global provider of point-of-sale software to grocery and other retail stores, with a 45% market share, according to research firm RBR.
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