Flushing it: $8B New York commercial bank to offer Bitcoin services
“As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends,” said Flushing Financial Corporation CEO and president John R. Buran.
Flushing Financial Corporation, the parent company behind New York-based Flushing Bank has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer Bitcoin (BTC) services to its customers.
The bank was founded in 1929 and according to its Q4 report it held more than $8 billion worth of assets at the end of 2021, with a net income of around $200 million.
According to an announcement, the partnership with NYDIG will enable the bank to offer its customers BTC buying, selling and holding services in a “safe and secure environment.”
Flushing Bank stated that it aims to launch its BTC-related services later this quarter and will 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 desire to keep up with growing trends in financial markets:
“As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services.”
NYDIG is a heavyweight in the crypto sector that primarily provides BTC-related services and products. The firm raised $1 billion worth in funding in December at a valuation of nearly $7 billion.
On the banking front and credit union front, NYDIG states that it has more than 35 partnerships in the sector, including deals with Five Star Bank, Idaho Central Credit Union, STAR Bank, U.S. Bank and NYMBUS to name a few.
NYDIG Chief Innovation Officer Patrick Sells stated on Jan. 25 that the firm is paying significant attention to partnering with traditional financial institutions as it’s “ready to show the world that banking is better with Bitcoin.”
Related: The year for Bitcoin: A 2021 roundup of the flagship crypto
Sells highlighted a growing demand for crypto exposure via organizations that users are already familiar with:
“Our research is clear; consumers want Bitcoin and they want it through the banks and credit unions they already trust.”
The firm has also been steadily growing its mainstream presence via partnerships with top sporting organizations such as the NBA’s Houston Rockets, along with Luxury Automobile Dealer Post Oak Motor Cars.