NYDIG Launches Bitcoin Financial Products on Thousands of Regional Banks

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Episode 43 of Season 3 of The Scoop was recorded remotely with The Blocks Frank Chaparro and Patrick Sells, Head of Bank Solutions at NYDIG.

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Access to bitcoin was once a case where no one wanted to be first, but everyone wanted to be second.

From now on, the New York Digital Investment Group, or NYDIG, will not stop until it is able to make bitcoin accessible to all Americans.

Patrick Sells, head of banking solutions at NYDIG, explained on the last episode of The Scoop how the company has stepped up its partnerships to roll out its bitcoin products now that regional banks are interested.

To this end, NYDIG has partnered with banking service providers including NCR, Alkami, Fiserv, Allied Payment, Q2, First Foundation and others.

I think if we take a break today and move quickly to 12 months, you would see over a thousand institutions deploying NYDIG products, ”he said, referring to the results that these partnerships will give. “I think we’ll see that number grow as we move forward over the next 12 months.

Much of what NYDIG has offered to banks is focused on bitcoin purchases, but the ambitions appear to be broader.

Sells discussed NYDIG’s ability to provide credit card and retail lending solutions. Sells said he could offer a service that converts unused hotel points into bitcoin allowing people to have points and convert them to Bitcoin, this is sort of the lowest possible friction path of the world. point of view of entry point or conversion of gift cards to Bitcoin. “

He went on to say:

I think there’s a lot in this space that we’re working on to be able to power a range of these types of interesting and innovative loyalty and rewards programs. And also even like bringing gamification, which we could talk about, like how companies are planning to use Bitcoin in this regard.

NYDIG is working to provide a way to make it easier for customers to mine their bitcoin holdings for loan approval, according to Sells. Today, most lenders don’t view bitcoin as collateral or a traditional asset.

As Sells puts it, “Any kind of fiat financing for a house, a car, a line of credit, whatever, the underwriting doesn’t take into account your bitcoin, does it? “

2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.

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