Flushing Financial Corporationthe parent company behind New York-based Flushing Bank, has partnered with cryptocurrency firm New York Digital Investment Group (NYDIG) to offer bitcoin (BTC) services to its clients.
The bank was founded in 1929 and, according to its fourth-quarter report, had assets worth more than $8 billion at the end of 2021.with net income of about USD 200 million.
According to an ad, partnership with NYDIG will allow the bank to offer its clients BTC buying, selling and holding services in a “safe and secure environment”.
Flushing Bank stated that it intends to launch its BTC-related services by the end of this quarter. and that it will release more details of its roadmap shortly.
The CEO and President of Flushing Financial Corporation, John R. Buran attributed the firm’s move to adopt BTC to its desire to keep up with the growing trends in the financial markets:
“As part of our ongoing digital transformation, we recognize the importance of keeping up with emerging market trends and consumer demand for alternative financial services.”
NYDIG is a heavyweight in the cryptocurrency industry that primarily offers BTC-related services and products.. The firm raised $1 billion in funding in December at a valuation of nearly $7 billion.
On the banking and credit union front, NYDIG claims to have more than 35 associations in the sectorincluding agreements with Five Star Bank, Idaho Central Credit Union, STAR Bank, US Bank and NYMBUS, to name a few.
NYDIG Chief Innovation Officer Patrick Sells stated on January 25 that the company is paying close attention to partnering with traditional financial institutions as it is “poised to show the world that banking is better with bitcoin”.
Sells highlighted a growing demand for cryptocurrency exposure through organizations with which users are already familiar:
“Our investigation is clear; consumers want bitcoin and they want it through the banks and credit unions they already trust.”
The firm has also been steadily increasing its presence in the mainstream market through partnerships with top-tier sports organizations.such as the NBA’s Houston Rockets, along with luxury car dealership Post Oak Motor Cars.
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