Cryptoeconomy: Fintech Nymbus to power Bitcoin banking for banks
Miami-based Nymbus wants to unite banking with Bitcoin.
The banking tech vendor announced it partnered with NYDIG to deliver Bitcoin products and services to its bank and credit union customers.
“The new era for financial institutions is about leveraging digital to drive revenue and profitability,” CEO Jeffrey Kendall said. “With the right tools, processes and technology partners, there is nothing preventing traditional banks and credit unions from achieving next-generation growth.”
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Nymbus hosts digital services for financial institutions so they can establish an online brand under their existing charter. The company provides all of the operational and technical resources needed to operate a digital bank.
Now Nymbus users can offer Bitcoin solutions as part of their suite of digital services, giving customers the ability to buy and sell Bitcoin from their bank accounts. The service will be powered by NYDIG, a technology a financial services firm dedicated to Bitcoin investments.
“Consumers win by gaining the ability to custody Bitcoin through their trusted financial partner, and the financial institution is able to earn meaningful non-interest income,” said Patrick Sells, head of bank solutions at NYDIG.
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Cryptocurrency advocates say digital currencies are an efficient, lower-cost means of transferring money over the internet. Because the currencies are digital, supporters say they cannot be counterfeited, reducing the risk of fraud.
Bitcoin, the most widely held cryptocurrency, has a market capitalization of $703.25 billion, according to CoinDesk.
Last year, Nymbus secured $12 million in a growth funding round led by Insight Partners and Vensure Enterprises. The company has raised more than $40 million in venture financing since 2016.
Source: The Business Journals
