With the integration of the two companies’ services, banks and credit unions will be able to facilitate their customers’ buying, selling and holding of Bitcoin as demand for cryptocurrency services rises among U.S.
“If our industry is truly committed to innovation and the financial future of our clients, we need to lead in this area and help create a secure and trusted platform for using Bitcoin for everyday financial matters,” First Foundation CEO Scott F.
And Wells Fargo said it planned to offer its crypto investment platform to wealthy clients beginning this month.
Bitcoin, for one, saw its value drop to $3,850 at the start of the COVID-19 pandemic before ballooning to nearly 17 times that worth by April of this year.
Also, 71% of surveyed consumers said they would switch their primary account to a bank that offers Bitcoin trading and storage services, while 81% said they would be interested in buying Bitcoin if their banks offered it.
“We think it is safe to say that the Bitcoin ‘train’ has left the station.
The product could cost the bank $1 million a month, CEO Steve Steinour said, but may earn it more customers and increased loyalty.
Ally Financial went a step further Wednesday, eliminating overdrafts altogether.