Movencorp Inc, the provider of smart banking technology solutions has recently announced its partnership with leading Bitcoin solution provider NYDIG. The two giants have joined had together to price Bitcoin-related products and services and digital banking solutions.
Moven said that it will leverage NYDIG’s digital asset platform in offering “turn-key” Bitcoin-based financial services to its customers. Apart from the ability to buy/sell/hold Bitcoin, Moven aims to bring savings accounts offering interest in Bitcoin. Besides, it also plans to bring a Bitcoin-based credit card rewards program. Sometime back, even Visa announced a similar credit-card rewards program giving incentives in Bitcoin.
Interestingly, with this partnership, Moven plans to add Bitcoin-based products to its popular “bank in a box” services. This will also unlock new revenue opportunities for existing banks and financial institutions while gaining wallet share. Speaking on the collaboration, Kesh Talwar, CEO and CRO at Moven, said:
“The growth of fintech platform and of cryptocurrencies have both been striking, but the two worlds have largely been separate. Consumers trust the financial services companies with whom they already have a relationship. The data is clear: 17% of PayPal’s users bought Bitcoin through them in the first month; consumers trust financial services companies. Now, through this partnership, Moven can bring this opportunity to all in an incredibly streamlined fashion.”
On the other hand, NYDIG will offer a robust support system for “custody, execution and reporting” services. Moreover, with NYDIG bing a well-regulated company, all these services will be available with the highest regulatory, audit, and governance standards. Patrick Sells, Head of Bank Solutions at NYDIG, said,
“We are fortunate to be able to partner with a company like Moven. Kesh and Brett King have consistently been able to predict industry trends and to lead the charge. NYDIG’s research shows that over 80% of Americans who own bitcoin today would rather hold it with their banks, and that over 85% would rather buy it through their banks. As a former banker, this blew me away. Many banks have felt left behind with the rise of fintech, but today, banks have the opportunity to capitalize on the fact that their customers strongly prefer them to be in the lead when it comes to Bitcoin.”
NYDIG is collaborating with some of the big industry players from the financial space to bring Bitcoin-based solutions to the mainstream. Last month, MassMutual Life announced a $100 million investment in Bitcoin through NYDIG.