It is not news that most parts of the global world are scared of what the cryptocurrencies can do to the financial markets as they know it. For these reasons, most financial institutions have steered clear of these coins. However, Provident bank is hoping to be one of the first banks which would change their trend. They are hoping to achieve this by making a host of services available that deal with cryptocurrencies. This would include making deposits with the currency and selling them through the use of the ATM.
For Provident bank located in Massachusetts, they hope that this new development would catapult them into the forefront of technological advances in the country. Provident bank is a subsidiary company under the much larger organization Provident Bancorp, Inc. this subsidiary with the approval of the larger organization has become of the financial institutions who have offered members of the public a way they can buy assets which are in the form of cryptocurrencies.
One of the reasons believed to have pushed them to make this move would be the fact that they are much unbanked at the moment. This is according to their Chief Executive Officer Mansfield. He asserted that most of their clients want services which relate to deposits. According to him, the commercial bank was going to great lengths to ensure that all the clients of their bank have a measure of confidence that they would enjoy a smooth relationship with the bank a long time. This is the goal of the bank while ensuring that the bank adheres to all regulatory and compliance policies.
To achieve the goals which they have set out, they would seek to use the Anti-money laundering (AML) in conjunction with the Crystal Blockchain which is used by Bitfury for analytical issues, they hope to complete monitor all transactions which are related to bitcoin. This has been confirmed by the head of the crystal BlockChain Marina Khaustova. She asserted that the company which specializes in BlockChain was pleased with the recent partnership with the bank stating that they would help them to achieve all levels of compliance through their BlockChain platforms.
To ensure that all deposits made are fully insured, the Depositor’s insurance fund would be taking the lead. The insurance limit is believed to be set by the Federal Deposit insurance is said to be at $250,000. If the amount exceeds this limit, this is where the Depositor’s insurance fund would come in making sure that every single cent is insured.
While the need to integrate cryptocurrencies has been important, it has been hard to come by for the past ten years. However, from the body language of the bank and its partners, it seems that there might finally be a breakthrough in that aspect. It would surely be exciting to see where all this leads. For now, the crypto industry is set to receive a huge boost.
photo source: © shutterstock.com by R.Danyliuk photo source: © shutterstock.com by Syda Productions
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