NYDIG Adds Another Partnership to Expand Bitcoin’s Reach into Banking
The partnership will allow MVB’s financial technology, or fintech, clients to offer Bitcoin-related products through NYDIG’s platform.
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key takeaways
- “Our partnership with MVB represents an important milestone for Bitcoin,” said Patrick Sells, NYDIG’s chief innovation officer
- In late June, the National Cash Register (NCR) and NYDIG partnered to help US banks offer bitcoin to clients, Blockworks previously reported
NYDIG is partnering with MVB Bank and Victor Technologies to integrate Bitcoin into MVB’s Banking-as-a-service (BaaS) solutions. This is the latest partnership for the digital asset management firm, adding to NYDIG’s list of collaborations.
MVB Bank works with over 50 fintech, payments and gaming clients through its banking and payment solutions. While NYDIG provides Bitcoin technology and financial services solutions to a range of institutional players like banks, insurers, corporations and institutions, the companies said.
The partnership will allow MVB’s financial technology, or fintech, clients to offer Bitcoin-related products through NYDIG’s platform. Fintech companies will be able to have traditional banking products and Bitcoin products such as trading and rewards, it said.
“Our partnership with MVB represents an important milestone for Bitcoin,” said Patrick Sells, NYDIG’s chief innovation officer. “Up to this point, only a select few fintech companies have been able to offer Bitcoin products and services, and it has been difficult to achieve. Now the industry has its first turnkey platform to seamlessly deliver white label banking and Bitcoin products side by side. I can’t wait to see how this partnership will help MVB’s clients – across fintech, gaming and beyond – to continue to innovate.”
With that said, this isn’t NYDIG’s first partnership and probably won’t be it’s last.
In late June, the National Cash Register (NCR) and NYDIG partnered to help US banks offer bitcoin to clients, Blockworks previously reported. The partnership planned to allow 650 US-based banks and credit unions to offer crypto trading services and bitcoin purchases in the coming months. Earlier in June, NYDIG and Fiserv announced it was teaming up to help consumers get bitcoin into their bank accounts, which could help users access cryptocurrency without going through an external exchange.
In May, NYDIG also announced a partnership with NCR and Fiserv’s competitor FIS to allow customers at its banking clients to purchase cryptocurrency. At the time, FIS said it was exploring providing the ability to accrue interest on banking clients’ bitcoin balances.
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