ABA Invests in NYDIG to Support Banks Offering Crypto Services

As consumers increasingly look to banks to help them safely hold cryptocurrencies and other digital assets, ABA President and CEO Rob Nichols announced in an ABA Viewpoint blog post on Tuesday that the association has invested in NYDIG, a leading provider of bitcoin solutions for banks.

Nichols noted that the investment would help support banks’ ability to meet customer demand for crypto products and services, citing NYDIG’s compliance-first approach, focus on the community bank market and focus on supporting banks rather than competing with them.

“We understand that expanding into cryptocurrency products and solutions won’t be for every bank, and that’s okay,” Nichols wrote. “We firmly stand with banks in their right to decide, according to their own judgment and market strategy, what products they will offer, and there are many valid and important factors that go into a bank’s decision about what products and services it offers. However, even with mixed opinions on the value of cryptocurrency as an asset class or as a basis for a product set, ABA believes strongly that banks should have access to the tools, partners and regulatory frameworks that allow them to meet their customers’ needs.” Read the blog post.

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