About 300 banks are expected to start offering bitcoin services in the first half of 2022 in partnership with Stone Ridge subsidiary NYDIG, according to a report byAmerican banker“.

These plans first came to light last July.

Over the past few months, banks have been busy settling regulatory issues.

Participants interviewed by “American Banker” claim that they are now on the cusp of launching Bitcoin support after finalizing their partnerships and addressing security concerns associated with the new asset class.

Although the idea of ​​buying bitcoin from banks may seem like a contradiction, small banking institutions expect that embracing the cryptocurrency will help them stay afloat.

Read:Charles Hoskinson: Cardano will outperform Ethereum 2.0 in DeFi

Zach Bishop of Synovus Bank sees cryptocurrencies as playing a prominent role in their business, and was cautiously optimistic:

Cryptocurrencies are not going away in any way.

He told BankSouth’s CEO that there has been a significant uptick in cryptocurrency investment among his bank’s clients.

In May, NYDIG signed a partnership with Fidelity National Information Services (FIS) to help banks launch their own bitcoin products.

Cryptocurrency firm NYDIG, which acts as a custodian of funds, keeps clients’ funds in cold storage to exclude cybersecurity risks.

In July, NYDIG partnered with financial services technology provider Fiserv to allow hundreds of US banks and credit unions to offer bitcoin to their customers.

Read:Analysis: Over 85% of Bitcoin in circulation hasn’t moved in three months or more

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