FIS release banking solution for Bitcoin purchases and custody

Financial technology firm FIS has announced that it is launching a solution that enables banks to offer their customers the ability to buy, sell and hold Bitcoin via their bank accounts.

According to a press release shared with Coin Rivet, the new solution utilises the advanced functionality of the FIS Digital One Mobile solution to allow banks to provide Bitcoin services.

The custody and trading platform will be provided by New York-based fintcech company NYDIG, which focuses on Bitcoin-related financial services.

FIS and NYDIG partnered with Quontic Bank late last year to enable the bank to be the first FDIC-insured financial institution in the US to go live with a Bitcoin Rewards debit card.

“As demand for bitcoin as a store of value continues to grow, FIS is focused on enabling our core banking clients to respond to growing market demand and better serve their customers,” said Rob Lee, head of Global Core Banking and Channels, FIS.

“Unlocking these capabilities for financial institutions of all sizes levels the playing field for banking with bitcoin and can drive further innovation.”

Robert Gutmann, co-founder and CEO of NYDIG, added: “While bitcoin adoption is increasing, an accessibility and credibility gap remains for too many who want to buy, sell and hold. Our partnership with FIS, and their core banking clients, bridges this gap.”

“Working with an innovative leader like FIS on this integration will usher in a new age of financial freedom, choice, and trust for consumers with their existing banks. We welcome FIS as an investor and we are deeply excited about how our partnership can elevate banks across the country.”

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