This will allow ‘financial institutions to offer customers the ability to buy, sell and hold bitcoin’
Allied Payment Network, a prominent provider of emerging payment technologies to financial institutions announced a partnership with NYDIG. The leading technology and financial services firm dedicated to Bitcoin.
As per the announcement:
“The partnership enables financial institutions to offer their customers the ability to buy, sell and hold bitcoin. Allied is the first bill pay provider in the industry to embed this service in its platform and offer it to financial institutions.”
Although the bull market was taking a break, traders have been making use of the low value of Bitcoin. The digital asset has been moving within $36k and $30k for a while now, which has presented as a buying opportunity for Bitcoin hodlers. Although institutions were currently maintaining a low profile in the crypto market, such a solution can boost bitcoin adoption.
Apart from the partnership, Allied will also allocate bitcoin for its corporate treasury, facilitated by NYDIG. Data suggested that BTC adoption has increased 207% in ten years and this partnership will help meet this rising demand. The two will also be working together to make digital payments funded by bitcoin possible.
As per the Head of Bank Solutions at NYDIG, Patrick Sells:
“Our partnership with Allied will enable financial institutions to bring bitcoin to their customers in a secure, compliant way. Together with Allied, we are excited to help financial institutions compete and to help consumers get seamless access to Bitcoin via their existing trusted relationships.”
As Allied focuses on Institutional clients to promote the use of Bitcoin, the digital asset was noting a downward pressure in the market. BTC once again rejected resistance at $35,000 and slipped to $33,879, at the time of press.