Community Financial Institutions Can Now Offer Consumers the Ability to Buy, Sell and Hold Bitcoin
Allied Payment Network (Allied), the industry’s most progressive provider of online and mobile digital payment services to community financial institutions, announced today it has entered into a partnership with NYDIG, a leading technology and financial services firm dedicated to Bitcoin. 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.
Along with this partnership, Allied announced it will make an allocation to bitcoin for its corporate treasury, facilitated by NYDIG.
Bitcoin adoption has increased 207% over the 10-year period beginning July 2010, according to a 2021 Mercator Advisory Group study. This partnership helps financial institutions meet that demand, while providing consumers a secure, easy-to-use alternative to transacting with unregulated bitcoin entities.
Consumers get seamless access to NYDIG’s secure, regulated platform for Bitcoin upon logging into the financial institution’s bill pay platform via online banking or mobile app. Allied and NYDIG will also be working toward additional capabilities such as the ability for consumers to make digital payments funded by bitcoin.
“Allied’s primary focus is to make it easier for financial institutions to provide value-based technology that differentiates them in the marketplace, attracts new depositors, retains through high engagement, and generates revenue,” said Ralph Marcuccilli, Founder and CEO of Allied. “Providing access to bitcoin does just that, and is a game-changer for many community institutions that are struggling to compete.”
Patrick Sells, Head of Bank Solutions at NYDIG, added, “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.”