Allied Payment Network to Put BTC on Balance Sheet & Allow Bill Pay In Bitcoin
Allied has partnered with NYDIG to offer Bitcoin services. According to its CEO, providing access to Bitcoin is a “game-changer.”
Fort Wayne-based Mobile digital payment services provider Allied Payment Network has partnered with NYDIG to become the first bill payment provider to allow its customers to buy, sell, and hold Bitcoin.
Allied will also add Bitcoin to its corporate treasury.
This partnership helps financial institutions meet the growing demand for Bitcoin, whose adoption has increased 207% over the 10-year period beginning July 2010. Ralph Marcuccilli, founder and CEO of Allied, said,
“Allied's primary focus is to make it easier for financial institutions to provide value-based technology that differentiates them in the marketplace, attracts new depositors, retains through high engagement, and generates revenue.”
“Providing access to bitcoin does just that, and is a game-changer for many community institutions that are struggling to compete.”
Customers meanwhile get a secure, easy-to-use alternative to transacting with unregulated bitcoin entities. Allied and NYDIG will also provide additional capabilities for customers, such as the ability to make digital payments funded by BTC.
Recently, the Bitcoin service provider, which is a subsidiary of Stone Ridge, partnered with Fiserv, Q2, and enterprise payment giant NCR as well. As we reported, NYDIG’s banking infrastructure partnerships are estimated to let them offer bitcoin services to about 70% of US banks.