Flushing it: $8B New York commercial bank to offer Bitcoin services

Flushing Financial Corporation, the genitor institution down New York-based Flushing Bank has partnered with crypto steadfast New York Digital Investment Group (NYDIG) to connection Bitcoin (BTC) services to its customers.

The slope was founded successful 1929 and according to its Q4 study it held much than $8 cardinal worthy of assets astatine the extremity of 2021, with a nett income of astir $200 million.

According to an announcement, the concern with NYDIG volition alteration the slope to connection its customers BTC buying, selling and holding services successful a “safe and unafraid environment.”

Flushing Bank stated that it aims to motorboat its BTC-related services aboriginal this 4th and volition divulge further details of its roadmap soon.

Flushing Financial Corporation CEO and president John R. Buran attributed the firm’s BTC adoption play to its tendency to support up with increasing trends successful fiscal markets:

“As portion of our ongoing integer transformation, we admit the value of staying existent with emerging marketplace trends and user request for alternate fiscal services.”

NYDIG is simply a heavyweight successful the crypto assemblage that chiefly provides BTC-related services and products. The steadfast raised $1 cardinal worthy successful funding successful December astatine a valuation of astir $7 billion.

On the banking beforehand and recognition national front, NYDIG states that it has much than 35 partnerships successful the sector, including deals with Five Star Bank, Idaho Central Credit Union, STAR Bank, U.S. Bank and NYMBUS to sanction a few.

NYDIG Chief Innovation Officer Patrick Sells stated connected Jan. 25 that the steadfast is paying important attraction to partnering with accepted fiscal institutions arsenic it’s “ready to amusement the satellite that banking is amended with Bitcoin.”

Related: The twelvemonth for Bitcoin: A 2021 roundup of the flagship crypto

Sells highlighted a increasing request for crypto vulnerability via organizations that users are already acquainted with:

“Our probe is clear; consumers privation Bitcoin and they privation it done the banks and recognition unions they already trust.”

The steadfast has besides been steadily increasing its mainstream beingness via partnerships with apical sporting organizations specified arsenic the NBA’s Houston Rockets, on with Luxury Automobile Dealer Post Oak Motor Cars.