• Sun. Oct 1st, 2023

Bitcoin Trading Will be allowed by 2021 by the US Banks



May 7, 2021

It is true that in today’s time, the cryptocurrency industry is highly regarded all over the world, but it was not the case since the beginning. Ever since the crypto-industry came into being, it had to face a lot of resistance. Either it came in the form of regulatory pushbacks or strong opposition from the traditional bank institutes.

When it came to strong resistance and opposition, no country has been as strict on cryptocurrencies as the United States. Although many thought that the country with the largest economy would welcome crypto warmly, things went completely in the other direction.

Ever since the cryptocurrency industry reached the United States, the industry has faced strong opposition from financial institutions. This is where the banks in the United States played their sole of acting as the strongest and the fiercest opposers of cryptocurrencies.

However, it seems that the long and harsh ride that the cryptocurrency industry has experienced might be ending. There are possibilities that banks in the United States may change their behavior against cryptocurrencies.

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A promising report has emerged on Wednesday, confirming that the financial industry is finally leaning towards cryptocurrencies. The announcement suggests that Fidelity National Information Services (FIS) and New Digital Investment Group have recently formed a partnership.

The report suggests that the reason behind the partnership between two firms is to establish a framework. This framework would serve as a system that the banks in the United States will be using to connect with cryptocurrencies.

Through the particular framework, the banks will also have the ability to offer cryptocurrency trading services to their users. So far, the banks in the United States have reacted well to the proposals of bringing cryptocurrency trading framework onboard.

The bank solutions chief at NYDIG, Patrick Sells talked about the progress they have made in regards to the new project. The firm has announced they made their move after monitoring the financial banking sector and their interest in cryptocurrencies.

The research showed that several banks in the United States are very interested to experiment with cryptocurrencies. Sells revealed that following the announcement, several banks have come up and showed interest their interest in cryptocurrencies.

Therefore, they have already gone ahead and signed up several banks in the United States willing to offer crypto trading to their clients. Several small financial institutions have also gone ahead and signed up agreements to support cryptocurrencies.

Sells revealed that they are also in talks with major banks in the United States so they can bring them on board in the process as well. It is reported that the Bank of America and JPMorgan may also be brought on board in order to expedite the adoption process.


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