NYDIG, a Bitcoin-based fintech company, has announced that it will partner with MVB Bank to integrate its Bitcoin services with MVB’s Banking-as-a-Service solution. The joint effort will enable the development of a white label solution that enables third parties to add Bitcoin functionalities to their financial services without having to develop these systems themselves.
NYDIG and MVB Bank are working together to integrate Bitcoin
NYDIG, a leading fintech solutions company focused on bitcoin services, has announced a partnership with MVB Bank, a banking-as-a-service provider, to integrate its full bitcoin stack services into its platform. This will enable MVB Bank to offer a complete solution to third parties that could include fiat and bitcoin banking at the same time, making it easier for their customers to onboard their customers into the cryptocurrency.
MVB Bank currently has over 50 institutional customers among fintech, payment and gaming companies who use their Victor platform to offer their customers services. Victor aims to provide financial technology companies with an all-in-one solution that is adaptable and brandable. Victor’s current and new customers would have the ability to add Bitcoin services through the platform without having to do it themselves.
Matt West, CSO of MVB Bank said:
We are delighted that NYDIG has chosen to integrate Victor with MVB and that our developer-friendly APIs have accelerated the schedule for this exciting program to roll out.
White label solutions
So far, very few companies have deployed cryptocurrency-as-a-service platforms. This resulted in small businesses and small banks being unable to offer other products due to a lack of staff to program them. The joint collaboration between NYDIG and MVB will produce a solution that will allow companies to add their own branding to the product and offer Bitcoin integration in platforms that their customers already know and use on a daily basis. This should enable a seamless transition to Bitcoin services.
NYDIG CIO Patrick Sells considered this and said:
So far, only a select few fintech companies have been able to offer Bitcoin products and services, and this has been difficult to achieve. Now the industry has its first turnkey platform to offer white label banking and Bitcoin products seamlessly side by side.
The companies did not provide any indication of when this integration would be ready for testing with customers.
What do you think of the new Bitcoin white label services offered by NYDIG and MVB Bank? Let us know in the comments section below.
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