NYDIG releases bitcoin financial products on thousands of regional banks

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

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Access to bitcoin used to be a case where “no one wants to be first, but everyone wants to be second”.

Now, the New York Digital Investment Group, or NYDIG, won’t stop until it can bring bitcoin to every American.

Patrick Sells, Head of Banking Solutions at NYDIG, explained on the latest episode of The Scoop how the company has strengthened its partnerships to roll out its bitcoin products now that regional banks are showing interest.

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 kind of pause today and fast forward to 12 months, you’d see over a thousand institutions rolling out NYDIG products,” he said, referencing the results that these partnerships will yield. “I think we’ll see that number increase as we go over the next 12 months.

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

Sells discussed NYDIG’s ability to offer consumer credit card and lending solutions. Sells said it could offer a service that converts unused hotel points into bitcoin “allowing people to have points and convert them to bitcoin is in some ways the lowest possible friction path from an entry point perspective or allowing gift cards to be converted in bitcoins.”

He went on to say:

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

NYDIG is working to provide a way for customers to more easily leverage their bitcoin holdings to get approved for loans, according to Sells. Today, most lenders do not view bitcoin as collateral or a traditional asset.

As Sells said, “Any kind of fiat financing for a house, a car, a line of credit, whatever, credit underwriting doesn’t account for 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 for use as legal, tax, investment, financial or other advice.

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