The Provident begins offering cryptocurrency services

Bank partners with tech firm in working with digital asset clients

The Provident Bank has begun offering deposit services to cryptocurrency-related clients, making it one of a few banks nationwide to offer deposit and other banking services to digital asset issuers, exchangers and investors.

CEO Dave Mansfield said the bank “is proud to be entering the digital asset space because it’s largely unbanked and clients want deposit services.”

He said the bank has “developed robust measures to ensure our strategy will not only be effective from a regulatory compliance perspective, but will also allow for our clients to have certainty in a long-term banking relationship.”

To do that, he said, The Provident is working with Treliant LLC, which advises the financial services industry on various compliance and regulatory issues, including policy, regulations and operational risk.

The Provident is also using Bitfury’s Crystal blockchain analytics platform as part of its onboarding process, which will help ensure that there is a fully compliant anti-money laundering program in place along with advanced transaction monitoring to provide more visibility into their activities on the public blockchain.

Once reviewed and approved, a dedicated relationship manager will be assigned to each client, said Mansfield.

“The cryptocurrency and blockchain industries represent a growing sector that is increasingly important as companies adopt digital assets,” said Marina Khaustova, CEO of Crystal Blockchain.

Categories: Banking, News, Technology

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