While Bitcoin is still in a drop since the crash of last week however, its adoption by institutions is positive for those who have been holding it for a long time. Recently, Idaho Central Credit Union (ICCU) has partnered in partnership with NYDIG along with Alkami Technology to implement Bitcoin selling and buying services. ICCU is expanding rapidly with more than 480 000 members spread across 44 branches across the state.
Another Credit Union Adopts Bitcoin
Alkami Technology – the involved cloud-based digital banking service provider announced the announcement on Wednesday. The company supplies banks with cloud-based applications and banking solutions. Along along with Bitco in company NYDIG it allows institutions to buy and sell Bitcoin with a regulation-compliant way. Bitcode Prime recognizes the need for quick response time and meets that need. With its platform ICCU allows its customers to purchase as well as sell bitcoins, in addition to their traditional accounts. Mark Willden – Chief Innovation officer at ICCU has stated this new feature will allow the company to continue to grow as the most rapidly growing bank in Idaho.
„Fully integrated bitcoin services through NYDIG and the Alkami Platform takes us to the next level when it comes to the member experience,“ he added. Additionally, Patrick Sells – Chief Innovation Officer at NYDIG believes ICCU can accelerate its growth thanks to the help of his company: „Credit unions nationwide are eager to evolve and ensure their members have access to the promise of bitcoin, and we at NYDIG couldn’t be prouder of the role we are playing in enabling that evolution.“. NYDIG has formed a variety of partnerships to aid traditional financial institutions to incorporate Bitcoin into their offerings. The month of October saw NYDIG joined forces with Five Star Bank and UNIFY to let their customers buy Bitcoin. While Q2 offered the banking platform for Bitcoin, NYDIG also provides Bitcoin custody services at the back-end.
Demand For Bitcoin Access
The move of banks into Bitcoin and other cryptocurrency is due to the rapid growth in demands for crypto assets around the globe. According to Grayscale’s annual Bitcoin investment report 26 percent of Americans have some Bitcoin. In addition, the majority that investors know the existence of Bitcoin, and two-thirds have become „familiar“ with it. Institutions are responding in Germany too. Sparkasse the largest German association of saving banks announced that it may launch a crypto wallet by the beginning of 2022. The bank would be able to give its customers who are banking with them access to Bitcoin selling and buying directly from their chequing accounts. Bitcoin dropped sharply in the beginning of this month, and has since remained in a stalemate between the $47k and $50k levels. Today, it jumped quickly at the lower end of the $47k mark.