$8 billion New York commercial bank to offer Bitcoin services

Flushing Financial Corporation, the parent company of New York-based Flushing Bank, has partnered with crypto firm New York Digital Investment Group (NYDIG) to offer Bitcoin (BTC) services to its customers.

The bank was founded in 1929 and, according to its fourth quarter report, it tenuous over $8 billion in assets at the end of 2021, with net income of approximately $200 million.

According to an announcement, the partnership with NYDIG will enable the bank to offer its customers services for buying, selling and holding BTC in a “safe and secure environment.”

Flushing Bank said it intends to launch its BTC-linked services later this quarter and will disclose more details on its roadmap soon.

Flushing Financial Corporation CEO and President John R. Buran attributed the company’s BTC adoption play to its desire to keep up with growing financial market trends:

“As part of our ongoing digital transformation, we recognize the importance of staying abreast of emerging market trends and consumer demand for alternative financial services.”

NYDIG is a heavyweight in the crypto industry that primarily provides BTC-related services and products. The company raised $1 billion in funding in December at a valuation of nearly $7 billion.

On the banking and credit union front, NYDIG says it has more than 35 industry partnerships, including agreements with Five Star Bank, Idaho Central Credit Union, STAR Bank, US Bank, and NYMBUS to name a few- one.

Patrick Sells, NYDIG Chief Innovation Officer declared on January 25, that the company is paying particular attention to partnering with traditional financial institutions because it is “ready to show the world that banking is better with Bitcoin.”

Related: The Year for Bitcoin: A 2021 Roundup of the Flagship Crypto

Sells highlighted a growing demand for exposure to crypto through organizations users are already familiar with:

“Our research is clear; consumers want bitcoin and they want it through the banks and credit unions they already trust.

The company has also increased its presence with the general public through partnerships with leading sports organizations such as the NBA’s Houston Rockets, as well as luxury car dealership Post Oak Motor Cars.

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