Moven Announces Partnership with NYDIG to Offer Bitcoin to Digital Banks
The partnership will add Bitcoin-related products to Moven’s existing bank-in-a-box line of service offerings
Movencorp, Inc., a leading provider of smart banking technologies to promote financial wellness, announced a partnership with NYDIG, a leading institutional technology and financial services firm dedicated to Bitcoin. Moven will leverage NYDIG’s best-in-class white label digital asset platform to provide turn-key Bitcoin products and services, such as the ability to buy, sell, and hold Bitcoin, savings accounts that pay interest in Bitcoin, and a Bitcoin credit card rewards program. This partnership is the first of its kind in the industry and further cements Moven’s role as the leader in providing financial health technology for banks and financial institutions in the United States.
As a result of the collaboration, Moven will be adding a suite of Bitcoin-related products to its existing “bank in a box” services, allowing banks and financial institutions to gain wallet share and drive significant incremental revenue opportunities. The offering will be powered by NYDIG’s world-class digital asset platform for secure custody, execution, and reporting services that meets the highest regulatory, audit, and governance standards.
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Kesh Talwar, CEO and CRO at Moven, said of the collaboration, “The growth of fintech platform and of cryptocurrencies have both been striking, but the two worlds have largely been separate. Consumers trust the financial services companies with whom they already have a relationship. The data is clear: 17% of PayPal’s users bought Bitcoin through them in the first month; consumers trust financial services companies. Now, through this partnership, Moven can bring this opportunity to all in an incredibly streamlined fashion.”
Patrick Sells, Head of Bank Solutions at NYDIG, said, “We are fortunate to be able to partner with a company like Moven. Kesh and Brett King have consistently been able to predict industry trends and to lead the charge. NYDIG’s research shows that over 80% of Americans who own bitcoin today would rather hold it with their banks, and that over 85% would rather buy it through their banks. As a former banker, this blew me away. Many banks have felt left behind with the rise of fintech, but today, banks have the opportunity to capitalize on the fact that their customers strongly prefer them to be in the lead when it comes to Bitcoin.”
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Brett King, Founder and Executive Chairman of Moven, added, “Moven was built to be the leader in helping provide banks with a digital solution that offered best-in-class financial wellness. This partnership with NYDIG and integration of Bitcoin into our platform will provide banks with the ability to offer Bitcoin services in a matter of weeks, and to deliver consumers the one-stop-shop that they want.”