Flushing it: $8B New York commercial bank to offer Bitcoin services
Flushing Financial Corporation, the parent company of Flushing Bank in New York, has teamed up with crypto startup New York Digital Investment Group (NYDIG) to provide Bitcoin (BTC) services to its customers.
The bank was founded in 1929 and had more than $8 billion in assets by the end of 2021, according to its Q4 report, with a net income of roughly $200 million.
According to the release, the agreement with NYDIG will allow the bank to provide “safe and secure” BTC buying, trading, and holding services to its customers.
Flushing Bank claimed that it plans to start its BTC-related services later this quarter and that it would share more information about its strategy soon.
CEO and president of Flushing Financial Corporation, John R. Buran, linked the company’s BTC adoption to a desire to keep up with changing financial market trends:
“We realise the necessity of staying current with evolving market trends and client demand for alternative financial services as part of our continuing digital transformation.”
NYDIG is a crypto heavyweight that specialises in Bitcoin-related services and goods. In December, the company raised $1 billion in capital at a valuation of over $7 billion.
NYDIG claims to have more than 35 banking and credit union partnerships, including agreements 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 declared on Jan. 25 that the company is “ready to show the world that banking is better with Bitcoin” and that the company is “ready to show the world that banking is better with Bitcoin.”
Sells pointed out that there is a growing need for crypto exposure through well-known companies:
“Consumers want Bitcoin, and they want it through the banks and credit unions they currently trust,” says the study.
The company has also been slowly expanding its mainstream profile through partnerships with top sporting organisations like the NBA’s Houston Rockets and luxury car dealer Post Oak Motor Cars.