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300 banks will offer Bitcoin to customers in the first half of 2022

300 banks will offer Bitcoin to customers in the first half of 2022

About 300 local banks are expected to start trading Bitcoin in the first half of 2022 in partnership with Stone Ridge subsidiary NYDIG, according to a report from American Banker.

The plan first came to light in July. Banks have been busy over the past few months settling regulatory issues. Participants interviewed by American Banker say they are close to launching support for Bitcoin once the partnership is completed and the security issues associated with the new asset class are resolved. While the idea of banks buying Bitcoin may seem like an oxymoron, small banking institutions are counting on the adoption of the cryptocurrency to help them stay afloat. Zach Bishop of Synovus Bank sees cryptocurrencies playing an increasingly prominent role in their business. However, he is only cautiously optimistic: It doesn't mean it will disappear. Harold Reynolds, CEO of BankSouth, notes a large increase in cryptocurrency investments among his bank's clients. Synovus Financial, another small bank in Georgia, plans to add Bitcoin trading to its mobile app later this year.  

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