Fiserv users can now share their cryptoasset holdings information with their financial service providers and FinTech apps, according to a press release emailed Monday (June 7) to PYMNTS, a move that further pushes cryptocurrency investing into the mainstream.
The FinTech is teaming up with cryptocurrency tax provider Verady to power this tool. By integrating Fiserv’s AllData® Aggregation into Verady, FinTechs, financial institutions and other financial organizations will be able to access its data and power transactions cross-applications. Likewise, customers will be able to connect to data on their bank or other financial accounts through a third party.
“Cryptoassets continue to grow in importance as they make their way into the portfolios of mainstream investors, who need and want to share asset information with their wealth managers, lenders, tax preparers and FinTech apps,” said Byron Vielehr, chief digital and data officer at Fiserv, in the press release.
About 46 million U.S. consumers now own a cryptoasset, Fiserv reports in the release. And as PYMNTS has reported, the cryptocurrency market hit $2 trillion in April.
The report showed “12 percent of consumers (a projected 30 million) currently own one or more cryptocurrencies, 4.5 percent (11.5 million) have owned them in the past and 17 million nonowners may acquire cryptocurrency for making purchases in the near future.”
Bitcoin is edging mainstream in a variety of directions, not just investment-wise. Besides receiving support from some high-profile celebrities, consumers are “eager” to own it to make purchases, PYMNTS reported, and its use cases among B2B firms are up as well.
“It is critical to deliver the data consumers, financial advisers, and businesses need to actively manage these investments and report on their performance and tax,” said Kell Canty, CEO at Verady, in the release.