“If PayPal and Square can do it, then community banks should be able to do it, too,” said Moven founder Brett King.
The acquisition bolsters NYDIG's data offerings as it continues to build out an institutional client base.
Queens-based Quontic Bank has become the first FDIC-insured financial institution to launch a bitcoin rewards checking program.
MassMutual becomes the latest announced institutional buyer of bitcoin, and this one could be even more significant in terms of precedent.
Massachusetts Mutual has made a $100 million investment in bitcoin and a $5 million equity stake in New York Digital Investments Group.
Former Quontic Bank executive Patrick Sells will be responsible for developing NYDIG’s white-labeled crypto services for banks.
New York Digital Investments Group raised $150 million for two new funds to invest in cryptocurrencies, according to SEC filings.
NYDIG raised the $50 million from FinTech Collective, Bessemer Ventures and Ribbit Capital.
NYDIG has set up another bitcoin fund, raising $5 million from accredited investors but it's unclear what differentiates this one from its previous funds.
This is NYDIG's second raise for a bitcoin fund this year.
Benjamin Lawsky, the former regulator who created New York’s BitLicense in 2015, joined a bitcoin fund manager nearly a year before it applied for, and received, the license.
New York's latest BitLicense has been granted to the New York Digital Investment Group, along with a limited purpose trust charter.