FIS and NYDIG announce bid to help banks offer bitcoin to their customers

Fintech firm FIS and NYDIG, the bitcoin-focused subsidiary of investment firm Stone Ridge, have partnered on a new service offering that lets banks offer bitcoin capabilities to their customers. 

According to a Wednesday press statement, NYDIG will manage the bitcoin transactions side of the offering while FIS, via its Digital One Mobile tool, will offer the digital experience element. 

NYDIG will manage the bitcoin transactions and the FIS Digital One Mobile tool to offer the digital experience to banks. Customers will be able to see and manage their bitcoin holdings along with their checking and savings accounts, according to the companies.

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

Along with this partnership, FIS announced that it invested through its venture arm an undisclosed amount to NYDIG, which recently secured funding from First Foundation in addition to its $300 million raised in March and April

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MK Manoylov is a reporter for The Block covering NFTs, blockchain-based gaming and cybercrime. MK holds a graduate degree from New York University's Science, Health, and Environmental Reporting Program (SHERP).

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