This collaboration between Five Star Bank Y NYDIG will make the bank one of the first of its kind to enable services associated with Bitcoin for customers in the US, which will begin to be available from the second quarter of 2022.
Five Star Bank, New York-based banking entity subsidiary of Financial Institutions Inc., announced a strategic alliance with the company NYDIG to allow its customers to safely buy, sell and store Bitcoin.
Five Star Bank will provide support for operations with Bitcoin
The information was shared by Five Star Bank in a press release published yesterday, where he indicated that this alliance with NYDIG makes the entity one of the first of its kind in the entire US to provide this line of services linked to Bitcoin to its entire customer base, which will be available through its application for mobile devices and from its platform for computers .
According to the banking entity, the idea behind this movement is to overcome the barriers posed by aspects such as the custody and administration of private keys for the management of Bitcoin, making the process much easier and more reliable for people with less experience interested in operating with digital currency.
In relation to this movement, CEO of Five Star Bank, Martin K. Birmingham, commented:
“We are delighted to introduce a new and trusted digital banking option for customers to effortlessly buy, sell, hold and manage Bitcoin alongside their traditional financial assets. Thanks to NYDIG, we’re creating a safe, efficient, and more user-friendly way for our customers to manage their digital transactions. Customer experience continues to be at the forefront of our focus at Five Star Bank, and we are proud to introduce a cryptocurrency investment solution that will expand access to this emerging portfolio option for consumers within our geographic footprint and, quite frankly, in all the country”.
There is demand among customers
According to the team of Five Star Bank, The measure also comes in light of the great interest shown among the entity’s clients. This goes hand in hand with the results of a survey carried out by NYDIG in 2021, which revealed that 81% of the participants would be interested in buying BTC through their trusted bank if this possibility were available, highlighting the fact that 71% of the interested parties assured that they already managed funds in the currency digital and they would not see any problem migrating and doing the process through a banking institution.
In this regard, the administrative director of Five Star BankSean Willett commented:
“We knew that it was in the best interest of our clients to develop our menu of digital services in a way that best supported their interests, including the investment appetite for cryptocurrencies. This is an area of the market that we have all seen grow exponentially over the last few years. Some early investors jumped into cryptocurrencies riskily, while most consumers have expressed an interest in a safer and more reliable way to transact with bitcoins. We are proud to be a part of that solution and see our partnership with NYDIG as just one of many upcoming banking-as-a-service and technology innovations that will drive Five Star Bank forward.”
This new property is expected to be progressively available to customers of Five Star Bank, so in the first instance a selection will be made to choose a first group of people, and then it will be opened for a greater number of users from the second quarter of this 2022.
Finally, the bank indicated that these services will be implemented in phases starting from the aforementioned period, and that they will be offering more details through their official channels in the coming weeks.
Fountain: official statement
Angel Di Matteo version / DailyBitcoin
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