This NYDIG Partnership Could Bring Bitcoin to Your Local Credit Union

Up to 18.3 million Q2 customers will soon be able to buy, sell and hold bitcoin directly from their bank accounts.

Jun 24, 2021 at 5:53 p.m. UTC
Updated Sep 14, 2021 at 1:16 p.m. UTC

Institutional bitcoin shop NYDIG has partnered with Texas fintech firm Q2 to provide bitcoin access to Q2’s 18.3 million users.

Q2 is a behind-the-scenes player providing online banking software to over 450 small and medium-sized banks and credit unions, including Texas Security Bank, Mercantile Bank and Scotiabank. The partnership with NYDIG will allow Q2’s institutional partners to provide their customers with access to buy, sell and hold bitcoin through their bank accounts. 

According to Jean Kondo, Q2’s vice president of communications, Q2’s decision to partner with NYDIG was based on client demand.

“We are excited to work with NYDIG to enable financial institutions to take advantage of this market opportunity and meet the demands of their account holders,” said Q2 executive Jonathan Price in a press statement

NYDIG’s collaboration with Q2 is one of many recent partnerships for the institutional asset manager. The bitcoin heavyweight has hired Wall Street veterans and even made the foray into bitcoin insurance products. In May, NYDIG was tapped by Anthony Scaramucci’s SkyBridge to custody its pending bitcoin exchange-traded fund (ETF). 

NYDIG CEO Robert Gutmann said the ultimate goal of the partnership is to increase bitcoin adoption.

“The work we will do together will be key to making bitcoin as easily accessible as possible through the incumbent financial institutions, enabling the continued growth of the Bitcoin network,” Gutmann said in a statement.

Correction: An earlier version of this story had an incorrect title for Jean Kondo.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.