The Provident Bank Now Offers Deposit Services for Crypto-Related Entities

Published at: July 10, 2019

American community bank The Provident Bank has begun offering deposit services to digital currency-related customers, according to an announcement published on July 9.

The Provident Bank now offers deposit and other banking services to cryptocurrency issuers, exchangers and investors. The bank deploys Bitfury’s blockchain analytics tool Crystal that maps cryptocurrency transactions and related entities to reveal suspicious funds and parties. Crystal will purportedly ensure that the bank’s new clients are compliant with the Anti-Money Laundering and Know Your Customer procedures.

Additionally, the bank claims to provide full insurance to customers’ deposits because of its affiliation with the Depositors Insurance Fund, wherein deposits could be insured up to $250,000. Dave Mansfield, CEO of The Provident Bank, said:

“The Provident team 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. That’s why we partnered with top U.S. technology companies to work with us on this new venture.”

Last month, news broke that Aon — a leading insurance broker that purports to occupy 50% of the crypto-insurance market — will reportedly provide cryptocurrency custody solutions provider Metaco with crime insurance coverage via a panel of London insurers.

In February, blockchain security firm and crypto wallet service BitGo revealed plans to offer crypto insurance through the well-known insurance firm Lloyd's of London. BitGo Business Wallet clients are able to acquire insurance for their digital assets held on BitGo’s Business Wallet service and custodial offering, with assets held by either BitGo or BitGo Trust Company to be insured for up to $100 million.

Tags
Adoption
United States
Altcoin
Cryptocurrencies
Banks
Insurance
Related Posts
Traditional banks offer digital asset custody amid compliance legislation
More and more traditional banks have started announcing support for digital assets as the price of Bitcoin (BTC) continues to make headlines for record-breaking all-time highs. Even major banks like JPMorgan Chase, which previously frowned upon Bitcoin, have taken a newfound interest in the cryptocurrency. Contrary to what Goldman Sachs stated recently, JPMorgan’s strategists have noted that “the price of gold would suffer from a structural flow headwind over the coming years” due to Bitcoin’s growth. While JPMorgan Chase is clearly taking a softer stance on Bitcoin, some leading banks are going a step further by offering clients custody services …
Adoption / Dec. 22, 2020
Expert: US Should Cut Crypto Firms Some Slack to Compete With China
Fintech and regulation experts have said the United States needs to wake up to China’s proactive pursuit of a central bank digital currency. A Fortune report published on Nov. 1 pointed to the fact that digital currency looks poised to play an increasingly important role in the standoff between the two superpowers. China making “very large macros plays” As Mike Wasyl — managing partner at DeerCreek, a fintech-focused corporate strategy firm that works across Asia-Pacific and the U.S. — told Fortune: "China is making these very large macro plays. They want to maintain control and be seen as leaders and …
Adoption / Nov. 1, 2019
Bitcoin Dips Below $7,500 аs Crypto Markets See Second Day of Losses
August 1: Crypto assets have seen a second day of losses, with Bitcoin (BTC) now well below the $8,000 psychological price point and most of the major crypto assets in the red, according to data from Coin360. Market visualization from Coin360 Bitcoin (BTC) is trading around $7,490 to press time, having lost almost 3 percent on the day. Since the coin’s July 25 peak at $8,431, the leading cryptocurrency dipped down below $8,000 yesterday for the third time this week. The coin saw another sharp drop this morning, before trading sideways. Bitcoin’s 7-day price chart. Source: Cointelegraph Bitcoin Price Index …
Bitcoin / Aug. 1, 2018
ING Bank Survey Reveals Interest in Crypto Will Double in Near Future
Research company Ipsos on behalf of ING Bank B.V. has conducted a study on how cryptocurrencies are perceived across Europe, Australia and the U.S., which reveals that interest in the technology is expected to double in the future. While only 9 percent of respondents own crypto, 25 percent said they will own some in the future. The highest percent (18 percent) of crypto ownership is reported in Turkey, while the lowest (4 percent) is in Luxembourg. The survey is reportedly conducted several times a year and takes into account gender, age and population in each country, while consumer figures are …
Adoption / June 27, 2018
The increasingly acute need for crypto-native insurance
The insurance industry has a long history of providing vital support for major leaps in innovation. It’s no coincidence that the modern insurance industry and the industrial revolution arose in parallel. Indeed, it has been convincingly argued that the invention of fire and property insurance — in response to the Great Fire of London — lubricated the gears of capital investment that powered the industrial revolution and is likely the reason why it started in London. Through that first and each subsequent technological revolution, insurance has offered innovators and investors a safety net and served as an outside, objective validator …
Adoption / May 28, 2022