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FIs getting in on crypto: here's how Idaho Central did it
As interest in cryptocurrency investment grows, financial institutions have been forced to play catch up. One in five Americans have invested in crypto, and only a negligible percentage among them have done so through their primary bank or credit union, opting instead to work with digital platforms like Robinhood and Coinbase.
Financial institutions don’t like consumers moving money out of their accounts, so more and more of them are looking for crypto enablement and keeping that business in-house.
One example of a financial institution that has made the move to crypto is Idaho Central Credit Union. Partnering with cloud-based digital banking services provider Alkami Tech, Idaho Central deployed NYDIG’s bitcoin trading solution. That enables Idaho Central members to trade in bitcoin directly on its mobile application and online banking platform.
The primary motivator for FIs to offer crypto trading is not profit, but to get into the game before it's too late.
The latest briefing
Marketing Briefing: Turning a card into a key
As the pandemic eases its grip on hangout spots, credit card startups like Yonder are taking advantage with a unique take on card perks.
Yonder is a London-based credit card startup that aims to provide city dwellers with a feeling of exclusivity when they pay for things. For the most part, that manifests itself in card-linked discounts for certain places across London.
CEO and founder Tim Chong sums it up by saying it's about making the card feel like a “financial accessory” to fun city life, rather than another bureaucratic bug you need to sort out.
For now, Yonder focuses solely on London, but the hope is to expand to other cities in the UK and eventually across Europe.
Read more (exclusive to Outlier members)
Just look at the charts
1. The world's first green fintech taxonomy
Source: Green Digital Finance Alliance
2. The growing importance of non-traditional financial players
Source: Carolyne Gathinji
Today's stories
Coinbase is retracting job offers amid hiring freeze
Coinbase paused hiring two weeks ago -- blaming market conditions, the crypto behemoth is extending its hiring freeze and rescinding some job offers (Finextra)
Q2 Holdings puts off sale after bids come in low
Q2 is fielding interest from potential private equity buyers, although the final decision is still pending and Q2 could opt to remain independent (Seeking Alpha)
Affirm and Klarna ramp up competing efforts for US market
Affirm struck a deal with Stripe making its BNPL technology available to US businesses, while Klarna and Marqeta joined hands to launch a new Klarna Card in the US (TechCrunch)
US Treasury is unhappy with World Bank's climate policy
The World Bank Group leadership is facing pressure from the US government to step up its efforts on climate change following a complaint from the US Treasury that it has not taken the required level of action (FT)
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