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

Flushing Financial Corporation, parent company of Flushing Bank in New York, has partnered up with New York Digital Investment Group (NYDIG), to offer Bitcoin (BTC), services to its customers.

It was established in 1929. According to its Q4 Report, the bank had more than $8B worth of assets by 2021. The bank also reported a net income of approximately $200M.

The bank will now be able to offer BTC selling, buying and holding services to its customers through a partnership with NYDIG, according to an announcement.

Flushing Bank said that they plan to launch their BTC-related services in the fourth quarter. They will also reveal more details about their roadmap shortly.

John R. Buran, president and CEO of Flushing Financial Corporation, attributed Flushing Financial Corporation’s BTC adoption to the company’s desire to keep pace with financial market trends.

“As part our ongoing digital transformation, it is important to keep up with emerging market trends as well as consumer demand for alternative financial services.

NYDIG, a crypto-focused firm that mainly provides BTC-related products and services, is a major player in the sector. At a value of almost $7 billion, the firm raised $1 billion in December funding.

NYDIG claims that it has over 35 partnerships in the credit union and banking sector. These include deals with Five Star Bank and Idaho Central Credit Union.

Patrick Sells, Chief Innovation Officer at NYDIG, stated that the company is paying attention to partnerships with traditional financial institutions because it is “ready to show that Bitcoin banking is better than any other.”

Related: The Year for Bitcoin: A 2021 Roundup of the most important cryptos

Sells highlighted the growing need for exposure to crypto via organizations users already know:

“Our research shows that consumers want Bitcoin through banks and credit unions that they trust,” says Dr. Michael A. Smith.

It has been growing its mainstream presence through partnerships with top sporting organisations such as the NBA’s Houston Rockets and Luxury Automobile Dealer Post Oak Motor Cars.