Flushing Financial Corporation, the mother or father organization behind the New York-primarily based financial institution Flushing, has partnered with cryptocurrency company New York Digital Investment Group (NYDIG) to supply Bitcoin (BTC) solutions to its clientele.
The partnership with NYDIG will make it possible for Flushing financial institution to supply prospects the obtain, sale and holding of BTC solutions in a safe surroundings, in accordance to an announcement. Additionally, Flushing stated it aims to launch BTC-linked solutions by the finish of this quarter and will reveal additional information about the organization’s roadmap quickly.
Flushing Bank was founded in 1929, and in accordance to its fourth quarter 2021 report, the organization now holds assets really worth in excess of $ eight billion, with net revenue of roughly $ 200 million. John R. Buran, CEO and president of Flushing Financial Corporation, stated the company’s adoption of BTC is due to a want to preserve up with rising trends in money markets.
“As part of our ongoing digital transformation, we recognize the importance of emerging market trends and consumer demand for alternative financial services.”
NYDIG is a correct giant in the crypto room that largely delivers custody solutions and Bitcoin linked goods. In terms of banking and credit score unions, NYDIG claims to have additional than 35 partnerships in this place, together with some of the country’s main money institutions this kind of as JPMorgan, NRC Corporation, US Bank, Wells Fargo, and so forth. In December, the organization finished a $ one billion funding round, the biggest in cryptocurrency historical past with a valuation of just about $ seven billion.
NYDIG chief innovation officer Patrick Sells stated the organization is having to pay shut interest to the course of action of selling partnerships with classic money institutions simply because NYDIG is prepared to present the planet that a very good financial institution is if you very own Bitcoin.
“Our exploration is quite clear. Consumers want Bitcoin and they want BTC by means of banking institutions and credit score unions they previously believe in. “
However, NYDIG has also steadily grown its prominent presence by means of partnerships with key sports activities organizations this kind of as the NBA’s Houston Rockets, as nicely as the Post Oak Motor Cars luxury motor vehicle dealership, in which prospects can obtain supercars by means of Bitcoin-backed loans.
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