Commercial Bank In New York, Intends to Offer Bitcoin Services

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Key Takeaways:

  • Flushing Financial Corporation, an $8 billion New York commercial bank, plans to enable customers to buy, sell, and hold Bitcoin.
  • It announced plans to launch BTC-related services later this quarter.

The bank was founded in 1929 and had more than $8 billion in assets at the end of 2021, according to its Q4 report, with a net income of around $200 million.

Flushing Monetary Company, the parent company of New York-based Flushing Financial institution, has partnered with cryptocurrency firm New York Digital Funding Group (NYDIG) to provide Bitcoin (BTC) services to its customers.

Flushing Monetary Company, the parent company of New York-based Flushing Financial institution, has partnered with cryptocurrency firm New York Digital Funding Group (NYDIG) to provide Bitcoin (BTC) services to its customers.

According to an announcement, the partnership with NYDIG will enable the bank to provide its customers with BTC purchasing, selling, and holding services in a “secure and safe setting.”

Flushing Monetary Company CEO and President John R. Buran attributed the company’s BTC adoption play to a desire to keep up with emerging monetary market trends:

“As part of our ongoing digital transformation, we recognize the significance of staying current with rising market tendencies and shopper demand for alternative finance providers.”

NYDIG is a crypto industry heavyweight that primarily provides BTC-related services and products. In December, the agency raised $1 billion in funding at a valuation of nearly $7 billion.

On January 25, NYDIG Chief Innovation Officer Patrick Sells stated that the organization is paying close attention to partnering with traditional financial institutions because it is “prepared to show the world that banking is best with Bitcoin.”

Sells emphasized a growing demand for crypto publicity from organizations that customers are already familiar with:

“Our analysis is clear; customers require Bitcoin, and they require it from the banks and credit unions in which they already have faith.”

The agency has also steadily increased its mainstream presence by partnering with high sporting organizations such as the NBA’s Houston Rockets and Luxury Automobile Seller Put up Oak Motor Vehicles.

On the banking and credit score union fronts, NYDIG claims to have over 35 partnerships in the sector, including agreements with 5 Star Financial institution, Idaho Central Credit score Union, STAR Financial institution, U.S. Financial institution, and NYMBUS, to name a few.

Chetna Prakash
Chetna Prakash

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