Q2 and NYDIG Announce First Financial Institutions in the U.S. to Launch Bitcoin Trading Solution Powered by NYDIG
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NEW YORK & AUSTIN, Texas – (BUSINESS WIRE) – Q2 Holdings, Inc. (NYSE: QTWO), a leading provider of digital transformation solutions in banking and credit, and NYDIG, a leading bitcoin company, today announced Five Star Bank (NY) and UNIFY Financial Credit Union as the first known financial institutions in the US to enable their bank customers and members to buy, sell and hold Bitcoin, backed by NYDIG. With NYDIG’s integration with the Q2 Digital Banking Platform and the Q2 Innovation Studio, banks and credit unions can now offer Bitcoin services to their customers and members while helping to break down barriers such as wallets and key management.
NYDIG’s full-stack bitcoin platform is designed to meet the highest security, regulatory, and operational standards to help traditional banks and credit unions enable their account holders to buy, sell, and hold bitcoin and use their current bitcoin funds. Display balance next to their traditional bank accounts. By leveraging NYDIG’s Bitcoin platform, Q2 financial institution customers will be able to offer integrated Bitcoin services to their account holders and continue to drive end-user acquisition, retention and retention while increasing fee income opportunities.
“This is a turning point for financial institutions in the US,” said Jonathan Price, executive vice president, emerging businesses, corporate & business development for the second quarter. “This new Q2 NYDIG offering is based on the Q2 Innovation Studio and enables financial institutions to offer Bitcoin to their end users while also taking into account the regulatory and security requirements that allow banks and credit unions to safely enter the Bitcoin arena and the growing one Meet consumer demand. ”
“The market momentum is building around Bitcoin, and as our network grows rapidly, we are focusing on helping banks and credit unions seize this opportunity,” said Patrick Sells, NYDIG’s chief innovation officer. “We know the opportunity for financial institutions is real, and that’s why we’re very excited to have our first financial institution customers live on the Q2 Digital Banking Platform. Working with the Q2 team and their technology was exciting – we went from concept to first production transaction in less than 120 days. Our partnership with Q2 is simply groundbreaking for Bitcoin + banking, and together we will work to create a more prosperous financial future for consumers. ”
According to NYDIG research, more than 20 percent of American adults own bitcoin and more than 80 percent of them would keep it with their main bank or credit union if the service were offered. Additionally, more than 71 percent of Bitcoin owners say they would switch to a bank or credit union that supports Bitcoin.
“At Five Star Bank, we believe we have a fundamental responsibility to adapt quickly to the needs of our customers, employees and the communities we serve,” said Martin K. Birmingham, CEO of Five Star Bank. “Today’s announcement is proof of our commitment to evolve and react quickly to changes in the market.”
“With market and consumer trends evolving, more and more consumers are looking for easy and secure access to Bitcoin from sources they trust. We are pleased to be among the first to offer our customers secure and seamless Bitcoin services and appreciate our strong partnership with Q2 and our new relationship with NYDIG, which together enabled us to achieve this important milestone “, said Sean Willett, chief administrative officer, Five Star Bank.
“This is an exciting partnership with Q2 and NYDIG and a huge opportunity for UNIFY and our members. We are excited to be the first credit union on the Q2 platform to allow members to trade Bitcoin, ”said Greg Glawson, EVP, Chief Information Officer of UNIFY Financial Credit Union. “By offering a streamlined and simple process to start trading this new asset class, we continue to meet the needs of our members, especially as many are aware of the convenience and value that cryptocurrencies can offer. Hopefully having a trusted provider in their credit union will build their confidence as they step into this new opportunity. With the ability to trade Bitcoin, UNIFY offers our members significant new product value that can help us differentiate ourselves from other financial institutions. ”
The collaboration expands NYDIG’s secure, regulated Bitcoin platform to include its extensive second quarter customer base of more than 18 million end users. With the Q2 Innovation Studio and Q2’s state-of-the-art, industry-leading open architecture digital banking platform, traditional financial institutions now have the ability to seamlessly add Bitcoin services to their existing functionality on the Q2 digital banking platform.
About NYDIG
NYDIG is a bitcoin company that provides technology and financial services solutions to banks, insurers, corporations and institutions. The company and its products meet the highest regulatory, auditing and governance standards in the industry. Learn more at nydig.com or connect on LinkedIn and Twitter.
About Q2 Holdings, Inc.
Q2 is a financial background company dedicated to delivering digital banking and credit solutions to banks, credit unions, alternative finance and fintech companies in the US and internationally. With comprehensive end-to-end solution sets, Q2 enables its partners to offer every account holder a cohesive, secure and data-driven experience – from consumers to small and large businesses. Headquartered in Austin, Texas, with offices worldwide, Q2 is traded on the NYSE under the symbol QTWO. To learn more, please visit Q2.com.
NYDIG, NY DIG and NEW YORK DIGITAL INVESTMENT GROUP are registered trademarks of New York Digital Investment Group LLC. All rights reserved.
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