Flushing Bank to Offer Bitcoin Services
- Flushing Bank customers will soon be able to buy, sell, and hold bitcoin directly within their online banking accounts.
- The NY State-chartered bank will enable the functionality in Q1 through NYDIG and Q2 Holdings.
- Q2 provides digital banking solutions to Flushing Bank.
Flushing Bank, a New York State-chartered commercial bank, will offer Bitcoin services to its customers in Q1 2022, the company said in a Tuesday statement.
The firm is the latest traditional financial institution to jump on the Bitcoin bandwagon in a partnership with institutional bitcoin broker NYDIG, who will facilitate the integration of bitcoin purchasing, selling, and holding solutions to the Flushing Bank’s online banking provider, Q2 Holdings.
“Using NYDIG’s innovative technology to provide seamless access through our relationship with Q2, our online banking provider, we will be able to offer our customers the ability to buy, sell, and hold bitcoin,” said John R. Buran, Flushing Bank’s president and CEO, per the statement. “This partnership provides our customers with a fully integrated solution to conduct bitcoin transactions in a safe and secure environment.”
Buran added that the move is part of Flushing Bank’s “ongoing digital transformation” as the financial institution seeks to stay current on emerging trends and the corresponding consumer demand.
“Consumer interest in bitcoin is growing rapidly and NYDIG has the tools and expertise to help community banks meet that demand,” said Patrick Sells, CIO at NYDIG, according to the statement. “Together with forward-thinking institutions like Flushing Bank, we’re on the path to achieving our mission of bitcoin for all.”
In June, NYDIG partnered with digital banking solutions provider Q2 to bring access to bitcoin to more than 18 million end-consumers through Q2’s institutional clients. The collaboration began showing results a few months later when Five Star Bank and UNIFY credit union became the first two Q2 clients to opt into the Bitcoin ecosystem.
