First Foundation Inc, a publicly traded financial services provider, has reportedly strategically invested in New York Digital Investment Group, as one of many attempts to roll out secure access to Bitcoin (BTC) investment offerings.
Particularly, the new Bitcoin-centered investment will reportedly equip First Foundation with the necessary means to provide customers with secure gateways into virtual asset investment.
First Foundation is reportedly also collaborating with processing provider Fiserv, regarding the integration of BTC into its current banking arrangements.
“We believe digital assets are an important part of the future landscape of financial services and we are pleased to be a part of its evolution as we seek to serve the growing needs of our clients” Head of First Foundation, Scott Kavanaugh, reportedly remarked.
“NYDIG is at the forefront of the industry from a regulatory and security perspective which makes them the perfect partner as we seek to help bring Bitcoin solutions into the mainstream.” He further added.
Institutional demand for Bitcoin has reportedly experienced a major surge throughout the last 12 months. Different key players such as MicroStrategy, Tesla and MassMutual surfacing have increased the attraction Bitcoin has to reel in more investments from mainstream investors, who previously displayed a critical attitude towards the digital asset class.
NYDIG has reportedly established a concrete footprint throughout the currency market, having only managed to secure $100 million towards its BTC insurance project. Insurance providers Starr Insurance and Liberty Mutual Insurance have made contributions to the raise.
NYDIG has reportedly managed to accumulate a total of $450 million throughout the past six months for BTC-associated projects, in connection with insurance, banking and clean energy.