New York’s Flushing Bank will be Offering Bitcoin as a Payment Option

New York’s Flushing Bank will be Offering Bitcoin as a Payment Option

The New York-based financial corporation Flushing Financial announced that it will let customers purchase and trade Bitcoin.

With holdings of about $8 billion, the Flushing Financial Corporation will become one of the first US banks to offer digital asset trading, specifically Bitcoin. According to John R. Buran, CEO of the Flushing Bank, the company will follow in the footsteps of the "ongoing digital transformation" by implementing BTC support.

The blockchain side of things will be operated by NYDIG, which is a crypto company that secured approval from the FCA for its mobile payment app Bottlepay earlier this year

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Both companies were said to excel in digital financing services, with Flushing spearheading the banking operations, while NYDIG will be responsible for bringing in the technology for digital asset distribution and exchange.

The partnership between the two financial institutions is set to be in motion in the first quarter of the year. Knowing that NYDIG’s subsidiary Bottlepay is built on the Lightning Network, it is expected that Flushing’s digital finance services will acquire the same technology. 

Patrick Sells, Chief Innovation Officer at NYDIG, talked about the growing interest in cryptocurrencies that led to this partnership. He stated:

"Consumer interest in bitcoin is growing rapidly and NYDIG has the tools and expertise to help community banks meet that demand."

Likewise, CEO of Flushing Financial Corporation John R. Buran told reporters that the services provided by NYDIG, and its approval by regulators, will enable the bank "to conduct bitcoin transactions in a safe and secure environment."

The Flushing Financial Corporation has been around for almost 100 years, while NYDIG was founded just in 2017. 

It is safe to say that the all-around banking expertise from Flushing and NYDIG’s DeFi technologies might create a leading distributor and trading platform for Bitcoin. 

Dom Z. - Crypto Analyst

by Dom Z. - Crypto Analyst, BitDegree