NYDIG and Q2 Launch Bitcoin Platform to Help Banks, Credit Unions Transact Bitcoin
The partnership will integrate NYDIG’s digital banking platform into Q2 Digital Banking Platform, leveraging its Innovation Studio, so credit unions and banks can provide bitcoin services to customers, it said.
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- Five Star Bank and UNIFY Financial Credit Union are the first two financial institutions in the US that enabled the bitcoin trading solution known as Q2 Digital Banking Platform
- As market and consumer trends evolve, more users are looking for access to Bitcoin, Sean Willet, chief administrative officer at Five Star Bank said in a statement
Q2 Holdings, a provider of digital solutions for banking and lending, has partnered with NYDIG to provide banks and credit unions a platform to buy, sell and hold bitcoin, the companies said in a statement Friday.
NYDIG is a bitcoin-focused company that provides technology and financial services solutions to banks, insurers, corporations and institutions. It is also a holding company Stone Ridge subsidiary, a $12 billion alternative asset manager.
The partnership will integrate NYDIG’s digital banking platform into Q2 Digital Banking Platform, leveraging its Innovation Studio, so credit unions and banks can provide bitcoin services to customers, it said. According to a statement, the launch will also help “overcome barriers such as wallets and key management,” according to a statement.
Five Star Bank and UNIFY Financial Credit Union are the first two financial institutions in the US that enabled the bitcoin trading solution known as Q2 Digital Banking Platform, Q2 and NYDIG announced.
Five Star Bank is a $5 billion community bank that has about 50 locations, with most near Buffalo, New York. According to its website, UNIFY manages over $3 billion in assets with customers across the US.
As the market and consumer trends evolve, more users are looking for access to Bitcoin, Sean Willet, chief administrative officer at Five Star Bank said in a statement.
“The market momentum is building around bitcoin, and by rapidly expanding our network, we are laser-focused on helping banks and credit unions take advantage of this opportunity,” Patrick Sells, NYDIG’s chief innovation officer, said in the release. “We know that the opportunity for financial institutions is real,” Sells added.
NYDIG is well known for partnering with other financial companies to expand bitcoin’s reach. In September, it joined forces with MVB Bank and Victor Technologies to integrate Bitcoin into MVB’s Banking-as-a-service (BaaS) solutions, Blockworks previously reported.
Separately, in late June, the National Cash Register (NCR) and NYDIG partnered to help US banks offer bitcoin to clients. This partnership was similar to the most recent one with Q2 because it also aimed to provide more access to bitcoin for clients at banks and credit unions.
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