Flushing Financial Corporation, the parent company of New York-based Flushing Bank, has partnered with New York Digital Investment Group (NYDIG) to provide bitcoin (BTC) services to its customers.
The bank was founded in 1929 and according to its fourth quarter report, it had assets in excess of $8 billion at the end of 2021, with a net income of around $200 million.
According to the announcement, the partnership with NYDIG will allow the bank to offer its customers the services of buying, selling and receiving bitcoins in a “safe and secure environment.”
Flushing Bank said it intends to launch its BTC-related services later this quarter and will reveal more details on the roadmap soon.
John R. Buran, CEO and President of Flushing Financial Corporation, explained the company’s BTC adoption game as a desire to keep up with growing trends in the financial markets:
“As part of our ongoing digital transformation, we recognize the importance of keeping up with new market trends and consumer demand for alternative financial services.”
NYDIG is a large company in the crypto sector that mainly provides services and products related to BTC. In December, the company raised $1 billion in funding worth about $7 billion.
In terms of banking and credit unions, NYDIG says it has over 35 partnerships in the sector, including agreements with Five Star Bank, Idaho Central Credit Union, STAR Bank, US Bank, and NYMBUS, to name but a few.
NYDIG Chief Innovation Officer Patrick Sales said on Tuesday that the company places great value on working with traditional financial institutions because it is “ready to show the world that banking is better with bitcoin.”
Related Topics: The Year of Bitcoin: 2021 Core Storage Summary
The sales highlighted the growing demand for access to cryptocurrency through institutions that are already known to users:
“Our research is clear. Consumers want bitcoin and they want it with the banks and credit unions they already trust.”
The company has also steadily strengthened its core presence through partnerships with major sports organizations such as the NBA’s Houston Rockets, as well as luxury car dealer Post Oak Motor Cars.
