Bitcoin is coming to 'hundreds of US banks' — what you need to know

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Bitcoin is coming to 'hundreds of United states of america banks' — what you need to know

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Bitcoin could get much easier to use, thank you to a new plan to allow customers of hundreds of U.S. banks to buy, sell and hold the cryptocurrency through their existing accounts.

The scheme, as reported by CNBC, is a partnership between crypto custody firm NYDIG and fintech company Fidelity National Information Services and will enable customers to use the top cryptocurrency as easily as they do regular cash. Hundreds of smaller banks have reportedly signed up to the program, which is expected to launch in the next few months.

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Bitcoin has grown massively in the by few years, to the extent that it at present has a market capitalization of more than than $i trillion and a value of effectually $55,000 per coin.

Still, one of the barriers to mainstream credence of the cryptocurrency has been that buying and selling it typically involves using one of a range of apps from new services such as Robinhood and Coinbase. While some people volition be comfortable with that, others may adopt to wait until information technology's supported by the financial organizations with which they're already familiar.

As Patrick Sells, head of bank solutions at NYDIG, says, "What we're doing is making information technology simple for everyday Americans and corporations to exist able to buy Bitcoin through their existing banking concern relationships. If I'thou using my mobile application to do all of my banking, now I have the power to buy, sell and agree Bitcoin."

Many of the banks to have signed upward so far are smaller firms such as Suncrest, a California-based bank with seven branches. But NYDIG says it is in discussions with some of the biggest U.Southward. banks to bring together the plan.

Crypto funds have enjoyed massive growth recently, with both Dogecoin and Ether — the cryptocurrency based on the Ethereum blockchain — reaching record highs.

With consumer interest growing, several established financial giants have moved into the space. Last calendar week, Coinbase announced a partnership with PayPal to allow its users to buy crypto via their existing accounts, and there have also been rumors that eBay volition presently allow purchases using the likes of Bitcoin.

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Equally U.K. Editor in Chief on Tom's Guide, Marc is responsible for the site'southward U.K.-focused output too as overseeing all gaming, streaming, audio, Tv set, entertainment, how-to and cameras coverage. He previously edited the tech website Stuff and has tested and written well-nigh phones, tablets, wearables, streaming boxes, smart dwelling devices, Bluetooth speakers, games and much more. He also spent years on a music magazine, where his duties mainly involved spoiling other people's fun, and on a auto magazine. An avid photographer, Marc likes null amend than taking pictures of very small-scale things (bugs, his daughters) or very big things (distant galaxies). When he gets fourth dimension, he also enjoys gaming (console and mobile), cycling and attempting to watch equally much sport as any human tin (particularly cricket).

Source: https://www.tomsguide.com/news/bitcoin-is-coming-to-hundreds-of-us-banks-what-you-need-to-know

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