Key Takeaways:
- Customers will be able to purchase, sell, and hold bitcoins at the $1.7 billion Five Star Bank by the end of Q2.
- Through the Bank’s mobile banking app and online banking infrastructure, customers will be able to safely transact bitcoin.
Five Star Bank is a $5 billion community bank with more than 45 locations that provides a comprehensive range of consumer and commercial banking and lending services to people, communities, and enterprises. Five Star Bank employs around 560 people committed to giving back to the community through a range of non-profit organizations and local charities.
Customers will safely transact bitcoin through the Bank’s banking app and online banking platform. In addition, the Bank will assist them in overcoming adoption barriers such as crypto wallets and key management, which are generally handled by unregulated businesses. As a result, five Star Bank account holders should transact bitcoin securely and straightforwardly by the end of the second quarter.
“We are excited to introduce a new—and trusted—digital banking option for customers to easily acquire, sell, keep, and manage bitcoin alongside their traditional financial assets,” stated Five Star Bank CEO Martin K. Birmingham.
“We’re making it safer, more efficient, and more user-friendly for our clients to manage their digital transactions thanks to NYDIG. At Five Star Bank, we continue to put the customer first, and we’re excited to introduce a cryptocurrency investment product that will increase consumer access to this burgeoning portfolio option both inside our geographic footprint and, frankly, throughout the country.”
NYDIG’s Bitcoin platform complies with the industry’s strictest regulatory, audit, and governance standards, allowing financial institutions such as Five Star Bank to maintain tight compliance processes while improving their clients’ digital banking experience. In addition, Account-holders will manage their bitcoin investments and monitor their balances alongside their traditional financial assets thanks to NYDIG’s full-stack Bitcoin platform, which is highly unique not just for the financial institution but also for the banking industry.
Five Star Bank intends to address current client needs and reach out to new consumers by incorporating bitcoin into its range of digital banking products, including expanding beyond its New York footprint.
In the second quarter of this year, Five Star Bank will begin offering Bitcoin services, with a gradual rollout.
