$6 Billion NCR Opens Bitcoin Purchases To 650 Banks And Credit Unions

Forbes ^ | 06/30/21 | Michael del Castillo

[Enlightened1]

650 U.S. banks will soon be able to offer bitcoin purchases to an estimated 24 million total customers. As part of the deal between enterprise payments giant NCR and digital-asset management firm NYDIG, community banks, including North Carolina-based First Citizens Bank, and credit unions, including Bay Federal Credit Union in California, will be able to offer their clients cryptocurrency trading through mobile applications built by the payments provider.

Instead of having to deal with the burdensome regulatory requirements related to actually holding the cryptocurrency for their customers, the financial institutions that opt to make the service available will rely on Nydig’s custody services.

The effort is the latest by Atlanta-based NCR to capitalize on demand it’s seeing from banks and credit unions tired of seeing cryptopurchases made from their accounts to outside exchanges. By providing these clients a way to buy bitcoin—and eventually spend it—within their existing accounts, the traditional financial institutions are part of a rising tide of those companies in direct competition with cryptocurrency exchanges.

“We're firm believers in the benefits of crypto and the strategic application,” says NCR president of digital banking Douglas Brown. “And that's true for our banking relationships, as evidenced by Nydig, and across retailers as well as restaurants and the like.”

Founded in 1884 as National Cash Register, NCR employs 34,000 people and does business ranging from digital banking services to ATMs and restaurant point-of-sale kiosks in 160 countries. From January 2020 to March 2020 the company’s stock tanked 62% to $13.43. Then, riding a similar tide as PayPal and many other financial technology service providers since the Covid-19 pandemic, NCR’s stock has jumped 238% since March 2020, when quarantine started, and is now trading at $45.44. NCR generated $6.2 billion revenue from non-cryptocurrency transactions last year.

[KC_Lion]

Ruh-Roh!

[aMorePerfectUnion]

If YOU would like to be on a CRYPTO PING LIST, please pm me.

The Crypto Ping List covers the following:

Bitcoin
Ethereum
Other coins built on the Ethereum blockchain
mining
etc.

Thanks! For it - or ag'in it, it'll be a wild ride.

[corkoman]

Oh this will not go well with the Bitcoin-confused lot here at FR.

[Responsibility2nd]

Oh this will not go well with the Bitcoin-confused lot here at FR.

_________________________________

Right? Does this mean NCR is now going into the tulip business?

/Bitcoin-confused

[corkoman]

QED

[Retrofitted]

This keeps up and everybody is going to be their own exchange! lol

[CryptoBull]

At some point, after seeing banks, Paypal, JP Morgan, Tesla, FB, Twitter, Retirement Funds etc align themselves in some form with crypto, perhaps the Tulip Bubble Reply Guys will have a moment of Enlightenment and ponder ..
1. Hmm... Can't plant crypto in my back yard
2. There must be value here, so perhaps I need to do more reading.

[Tallguy]

There is an obvious value, but it is being actively stifled by the Chinese and US Governments. The basic function of currency is to act as a medium-of-exchange as well as a store of wealth. When governments block general usage the only thing that remains is speculation.

[Glad2bnuts]

I hope this is fuel for the rocket in my pocket (smart phone). Lets get some movement on these crytos

[FLT-bird]

Ping!

[aMorePerfectUnion]

PING!!

🎩 Hat tip FLT-bird

[Vermont Lt]

That’s funny.

[Vermont Lt]

The bigger issue is the complete misunderstanding of the Tulip crisis. They get their views from a book written, based on rumors and legends, many, many years later.

They seem to believe the apochraphlyc stories about the madness of crowds, about single tulip bulbs being worth a life savings. It just wasn’t that way at all.

Anyway, if they believe that…they believe that crypto is used for more crime than the $100 bill. (Hint…BTC transactions for criminal purposes is about .3% of transactions. )

[Vermont Lt]

China booting out the miners is the best thing that ever happened to crypto. It will take time, but the distribution of miners will mean a cleaner system. China just sucks.

The US will regulate the exchanges and crack down on tax issues— but they won’t outright ban it. Too many big players are too deeply invested to cut it off. People will simply go to El Salvador to do their banking.