NYDIG, a Bitcoin-based fintech firm, has announced it will partner with MVB bank to integrate its Bitcoin services into MVB’s banking as a service solution. The joint effort will allow the development of a white label solution, allowing third parties to complete their financial services with bitcoin functionalities without having to develop these systems in-house.
NYDIG and MVB Bank Partner 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 allow MVB Bank to offer third parties a full solution that could encompass fiat and bitcoin banking all at once, easing onboarding of its customers to cryptocurrency.
MVB Bank currently has over 50 institutional customers among fintech, payments, and gaming companies that use its Victor platform to provide services to their customers. Victor aims to provide an all-in-one solution for financial technology companies, that is adaptable and brandable. Victor’s current customers and its new ones would have the opportunity to add bitcoin services through the platform, without having to do it by themselves.
About this, Matt West, CSO of MVB Bank stated:
We are thrilled that NYDIG chose to leverage Victor to integrate with MVB and that our developer-friendly APIs accelerated the timeline to launch this exciting program.
White Label Solutions
Until now, very few companies have provided cryptocurrency-as-a service-enabled platforms. This rendered small companies and small banks unable to offer other products due to a lack of manpower to program support for them. NYDIG and MVB’s joint collaboration will produce a solution that allows companies to add their own branding to the product, and offer bitcoin integration in platforms their customers already know and use daily. This is meant to allow a seamless transition to bitcoin services.
NYDIG’s CIO, Patrick Sells, reflected about this, stating:
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.
The companies didn’t offer details about when this integration would be ready for testing with customers.
What do you think about the new Bitcoin white label services offered by NYDIG and MVB Bank? Tell us in the comments section below.