MVB Bank is working with Victor Technologies (a subsidiary of MVB Edge Ventures) and bitcoin-focused tech and finance firm NYDIG on integrating bitcoin into the banking-as-a-service solutions offered by MVB, a press release says.
“On today’s rapidly changing financial frontier, we are proud to partner with a firm like NYDIG,” said Larry F. Mazza, CEO and president of MVB Financial. “NYDIG has a vision to make bitcoin more accessible. Adding bitcoin functionality to MVB’s already industry-leading Banking-as-a-Service solutions will propel that vision into reality and help our clients compete.”
Under the partnership, the MVB FinTech clients will be able to offer bitcoin and other related products.
The work will be powered by NYDIG’s full-stack platform.
With the partnership, companies will now be able to offer both traditional financial products as well as bitcoin services like trading and rewards.
“Our partnership with MVB represents an important milestone for bitcoin,” said Patrick Sells, NYDIG Chief Innovation Officer. “Up to this point, only a select few FinTech companies have been able to offer bitcoin products and services, and it has been difficult to achieve. Now the industry has its first turnkey platform to seamlessly deliver white label banking and bitcoin products side by side. I can’t wait to see how this partnership will help MVB’s clients – across FinTech, gaming and beyond – to continue to innovate.”
PYMNTS also reported on the NYDIG effort along with payments company NCR to offer bitcoin purchases for hundreds of companies.
Under the deal, banks like First Citizens Bank from North Carolina, along with credit unions like Bay Federal Credit Union out of California, will now be able to work more with cryptocurrency. The idea was for NCR to bolster the strength of the ability for banks, credit unions and other such places to handle crypto payments through the mobile app from NCR.