HomeCryptoThe Bitcoin StoryDeloitte joins forces with NYDIG to help businesses with Bitcoin adoption

Deloitte joins forces with NYDIG to help businesses with Bitcoin adoption

NYDIG and Deloitte jointly issued a press release on the 21st of June 2022 on a joint alliance. They announced the creation of an alliance to provide advice across bitcoin products and services. 

NYDIG has been in the forefront of bitcoin adoption and enablement for more than five years now. They have products and solutions which allow their customers to embed bitcoin wallets into existing user experiences. They also have solutions around bitcoin-secured lending and bitcoin rewards program. 

One of the challenges of bitcoin today is mass appeal and institutional adoption. It’s the need for being able to buy, custody and transfer digital assets without the risk of loss, theft, damage. With crypto adoption still very early, there are risks. “Own your own keys; own your bitcoin” as the bitcoin maximalists might say is also not scalable as it limits its widespread use. 

This is where there is need for trust and transparency in the bitcoin infrastructure and platform which takes care of things such as security, insurance, safe custody which is readily available in the traditional finance world. People need to be able to trust that they their assets will not be bank run aka Celsius or stolen aka Mt.Gox.

This is where some of the initiatives and solution by NYDIG is enabling the adoption curve of bitcoin and other crypto assets. 

So, what is NYDIG? 

NYDIG is a fully regulated digital asset manager based in New York. They are a qualified custodian of bitcoin and provide services to clients in banking, insurance, financial services, fintechs and non-profits. NYDIG is regulated as a NY State Limited Purpose Trust Charter. It has secured its own BitLicense, and is independently Soc II Type 1 Certified by EY (as articulated in this article https://medium.com/@SeanLippel/the-future-of-institutional-digital-asset-management-has-arrived-3b14851ca788)

NYDIG supports custody solutions for bitcoin, Ethereum and other crypto assets built on secure foundational platform. They are taking care of needs such as security, audit and insurance solutions so that the traditional finance world can integrate into it. This will bring bitcoin to the masses. 

NYDIG has built a full stack solution from the bottoms up. This solution can be used as a white label solution or enhanced by its client to offer bitcoin wallet, rewards, and loyalty program solutions. 

Some of the areas that NYDIG is involved includes

  • Enabling purchase, safety and storage of bitcoin. They do this by providing solutions that can be integrated into existing core banking systems of bank as well as credit unions to provide this service
  • They enable Reward and Loyalty program – Client can utilize NYDIG infrastructure to provide cash rewards and points paid in bitcoin. 
  • NYDIG is building solutions that will enable employee payroll in bitcoin including 401K payments
  • They are also into solutions that
    • Provide interest in bitcoin through interest on deposit accounts
    • Asset and Custody management of digital assets
    • And Borrowing and Lending dollars against bitcoin 

NYDIG has established partnership with payment providers such as FIS, Fiserv and is enabling quick adoption. They are creating the backbone for digital transfer of money. They are at the forefront of this innovation. 

An example of this is the fact that life, annuity, and P&C insurers in aggregate, own more than $1 billion of direct and indirect bitcoin exposure facilitated exclusively by NYDIG as per their press release last May 21. And this adoption will only grow.

Disclaimer: All information in the site is provided for informational and educational purposes only. We are not a financial advisor. The information in this article is not intended to imply any recommendation or opinion about a financial product and is not a financial product advice. You should obtain independent advice before making any investment decisions.

Latest Articles

Top 5 Crypto News Websites

The cryptocurrency industry is powerful and full of traction. It keeps evolving every day and brings in numerous news on hot topics from around...

Top 5 Audio/Music Crypto Coins 

One of the biggest industries of the 21st century is the music streaming business.  Due to this booming business, popular apps like Spotify and Apple...

Top 10 Technologies For The Next Decade

If the past year and a half have taught us anything, it is that we are shifting away from convention and tradition. Several businesses...

Top 10 Innovations From The Last Decade

The electronic devices that we use today remind us how far technological advancement has leaped. During the 2010s, we witnessed the rise in daily-use...

Top 10 Growth Industries For The Next Decade

The future is here, and it is imperative to be aware of the industries fuelling the world through the roof towards massive growth. Many...