NYDIG expands its play to bridge bitcoin and banking with new partnerships

Quick Take

  • Investment services company NYDIG announced a pair of new business deals this week.
  • The firm’s deal-making signals ambitions for a broader role at the intersection between banking and bitcoin. 

NYDIG has announced a flurry of partnerships that point to what, by all appearances, is an ever-expanding goal for the bitcoin services company: to broaden access to cryptocurrency in the banking world.

NYDIG, which has $6 billion of assets under custody, is the bitcoin arm of the $10 billion asset management firm Stone Ridge. Thus far, it has teamed up with FIS, Fiserv, Q2 and Alkami — all of which are providers of financial services and serve as underpinning infrastructure for local banks and credit unions.

“The breadth of these partnerships shows both the speed and scale with which the banking industry is changing, and the ubiquity and ease of access to Bitcoin that we are driving with our partners," Patrick Sells, head of bank solutions at NYDIG, told The Block.

A spate of new partnerships

One of NYDIG's recently announced partnerships was with Q2, "a leading provider of digital transformation solutions for banking and lending," according to an NYDIG release.

The two firms said that they will "collaborate together to provide the more than 18.3 million registered users on the Q2 platform with the ability to buy, sell and hold bitcoin." Sells pointed out that Q2 provides digital banking to 10% of Americans and for 30 out of the top 100 banks in the U.S.

In the release, NYDIG CEO Robert Gutmann, who is also a co-founder of Stone Ridge, said, "The work we will do together will be key to making Bitcoin as easily accessible as possible through incumbent financial institutions, enabling the continued growth of the Bitcoin network."

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