SIOUX FALLS, SD (KELO) – This week, Fidelity Investments, the nation’s largest 401k provider, announced that it will soon be adding bitcoin to its annuity offerings.
It is the latest move by traditional financial institutions to integrate this new digital currency into their portfolios.
“Bitcoin has reached the point in the world where people are starting to say, ok, it’s not going away. We need to learn what it is,” said Frontier Bank’s director of digital banking.
That’s exactly what Anderson Ott has been doing since he first heard about Bitcoin in 2017.
“I’ve been studying it for about five years now, learning a lot, learning the economics, the politics and the technology,” Ott said.
Knowledge that led him to his new role as Bitcoin Specialist and Director of Digital Banking at Frontier Banks.
“Because it is both a financial development and a technological development. Frontier Bank knows this has the potential to really impact the banking industry,” Ott said.
Right now, Ott is working to educate Frontier Bank consumers about Bitcoin.
“Bitcoin and Bytes is a lunchtime and educational series about lunchtime that anyone can be a part of,” Ott said.
Frontier Bank is also sponsoring the first ever Sioux Falls Bitcoin Day on May 21st.
“It’s a one-day conference where you can come and learn about bitcoin,” Ott said.
But the ultimate goal is to go beyond education and actually offer bitcoin transactions in the trusted traditional banking environment.
“That’s the service we’re trying to provide, where you come into a real bank, talk to real people in real life, open an account and know you’re going through a financial institution that’s tightly regulated and very secure that You can provide the knowledge and possibly buy the bitcoin through an organization you trust,” Ott said.
It’s a move more and more financial institutions are making as Bitcoin grows in popularity.
“I think it’s largely market driven, people say I want to know more about it or I want to buy this and currently it’s not a service that they offer and the banks and institutions know they could potentially lose customers if this is the service they refuse,” Ott said.
Learn more about the Sioux Falls Bitcoin Day conference and Frontier Bank’s Bitcoin and Bytes Lunch and Learn events here.