Provider of digital banking solutions Q2 Holdings has announced a partnership with institutional bitcoin investment solutions firm NYDIG to provide its more than 18.3 million registered users the ability to buy, sell and hold bitcoin.
“According to a December 2020 study by Cornerstone Advisors, 15% of U.S. consumers own bitcoin or some other form of cryptocurrency,” said Jonathan Price, executive vice president of business development at Q2, in the announcement. “The consumer survey also revealed that the majority of these crypto owners would use their banks to invest in cryptocurrency if they had the choice to do so. We are excited to work with NYDIG to enable financial institutions to take advantage of this market opportunity and meet the demands of their account holders.”
Q2 is a financial institution that provides digital banking and lending solutions to banks, credit unions, alternative finance and fintech companies in the U.S. and abroad. According to the announcement, Q2’s digital banking platform currently powers around 30% of the top-100 U.S. banks, with over 18.3 million end-users registered.
With this partnership, Q2 plans to leverage NYDIG’s suite of bitcoin products to empower its financial institution clients with integrated Bitcoin services, allowing end users to buy, sell or hold bitcoin directly in their existing bank accounts’ apps. The goal, the announcement said, is to “further drive end-user acquisition, retention and engagement, while increasing fee revenue opportunities” for the financial institutions.
NYDIG provides bitcoin investment and technology solutions to banks, corporations, institutions, and high-net-worth individuals. The company’s cofounder and CEO, Robert Gutmann, also commented on the partnership.
“NYDIG is proud to collaborate with Q2 to deliver on our shared mission of helping banks, credit unions and fintechs provide innovative and seamless access to Bitcoin,” Gutmann said in the announcement. “The work we will do together will be key to making Bitcoin as easily accessible as possible through incumbent financial institutions, enabling the continued growth of the Bitcoin network.”