Allied Payment Network Embeds Bitcoin Service, Will Hold BTC in Corporate Treasury

Payment service provider Allied Payment Network has partnered with New York Digital Investment Group, the bitcoin subsidiary of $10 billion asset manager Stone Ridge. Financial institutions using Allied’s platform will be able to offer their customers the option to buy, sell, and hold bitcoin. Furthermore, Allied will keep bitcoin on its balance sheet.

Allied Payment Network (Allied), a digital payment service provider for financial institutions, announced Tuesday it has partnered with New York Digital Investment Group (NYDIG), a bitcoin technology and financial services firm. NYDIG is a subsidiary of Stone Ridge, a $10 billion alternative asset manager.

“The partnership enables financial institutions to offer their customers the ability to buy, sell and hold bitcoin,” the announcement explains, claiming that “Allied is the first bill pay provider in the industry to embed this service in its platform and offer it to financial institutions.”

The announcement adds:

Along with this partnership, Allied announced it will make an allocation to bitcoin for its corporate treasury, facilitated by NYDIG.

Financial institutions’ bill pay platforms will be integrated with NYDIG’s bitcoin platform, allowing customers to access the bitcoin service via their online banking or mobile apps.

Allied and NYDIG will also be collaborating to offer additional capabilities such as enabling consumers to make BTC-funded payments.

NYDIG has recently made several other partnership announcements, including a partnership with Finserv, NCR, and Q2.

What do you think about Allied Payment Network offering a bitcoin service and keeping BTC in its corporate treasury? Let us know in the comments section below.