Customers of U.S. financial service provider Five Star Bank will soon be able to securely buy and invest in bitcoin (BTC) directly from their bank accounts thanks to a partnership with NYDIG.
New York Digital Investment Group (NYDIG) has struck a partnership with American-based Five Star Bank to onboard bitcoin trading and virtual currency transaction facilities for the latter’s customers before the end of Q2 2022.
According to the announcement, Five Star Bank plans to integrate the full-stack BTC platform developed by NYDIG into its online banking service and mobile banking app. This will allow the bank’s account holders to manage their digital transactions via a regulated channel and negate crypto adoption concerns relating to decentralized wallets and key management.
The partnership will provide customers with an industry-standard and regulatory compliant service they can leverage to monitor traditional fiat assets and BTC investments, said both firms.
Commenting on the announcement, Five Star Bank Chief Operating Officer Martin K. Birmingham expressed intentions to bridge the gap between existing fiat-backed assets and bitcoin by providing customers with a secure digital solution. Birmingham added:
“Thanks to NYDIG, we are 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’re proud to bring forth a cryptocurrency investment solution that will broaden access to this emerging portfolio option for consumers within our geographic footprint and, frankly, across the country.”
Sean Willett, the bank’s Chief Administrative Officer, added that the exponential growth occurring across the digital asset industry played a major role in striking the partnership with NYDIG. Willet also emphasized the importance of supporting an increased investment appetite for cryptocurrency.
First Star Bank now joins a growing list of American financial service providers to integrate NYDIG’s features. Back in 2021, the bitcoin company partnered with California-based First Foundation Bank and internet banking firm Q2, to name a few.
Indeed, the latest development aligns with NYDIG’s ambitions to provide U.S. citizens access to bitcoin. CryptoPotato previously reported that the firm partnered with U.S. insurance heavyweight MassMutual. The agreement was geared towards exposing qualified investors to a bitcoin fund.
Back in June 2021, National Cash Register (NCR) announced its collaboration with NYDIG to allow 650 credit unions and U.S. banks to offer crypto trading services through mobile apps.
The bitcoin company also partnered with restaurant and hospitality giant Landry to launch a BTC loyalty reward program across the latter’s 500 locations.
Featured Image Courtesy of Five Star Bank