AMESBURY, Mass., December 16, 2021 / PRNewswire / – BankProv, a future-ready commercial bank delivering adaptive and technological banking solutions to emerging markets, announced its partnership with CrossTower, one of the leading digital asset trading platforms and investment firms fastest and largest in the world, to provide equipment financing for Bitcoin miners.
“CrossTower is very pleased to partner with BankProv to develop a dynamic and sophisticated lending business in the cryptocurrency industry,” said Kristin boggiano, co-founder and president of CrossTower. âCrossTower has an incredible global infrastructure that provides institutions with access to digital asset markets. We are delighted to expand our product offering. “
Demand for borrowing against crypto is currently at an all time high. Credmark 2020 report revealed crypto lending industry is over 40 billion dollars in locked value.
BankProv partners with CrossTower to meet industry needs for US dollar financing to scale mining operations. The equipment loans will be funded by BankProv’s expanding specialist lending team and supported by CrossTower’s collateral management technology and world-class underwriting standards. This offer should help miners who want to invest in some of the most advanced mining equipment on the market, repaying the loan from cryptocurrency mined from the very platforms BankProv funded.
âBankProv is proud to extend its relationship with CrossTower to include this new and exciting specialist lending initiative,â said Dave mansfield, CEO of BankProv. âBy partnering with an innovative, long-standing and trusted partner like CrossTower, we are able to execute on our mission of providing much needed banking services to an underserved market and increasing the widespread adoption of this industry class. ‘assets. “
BankProv, operating legally as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in delivering adaptive and technological banking solutions to niche markets including cryptocurrency, renewable energy, financial technology, and lending of funds. of research. We are committed to delivering cutting-edge APIs (Application Programming Interfaces) to all business customers and BaaS (Bank as a Service) partners. Through our offers, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information about BankProv, please visit our website bankprov.com or call 877-487-2977.
Founded in 2019 and launched in 2020, CrossTower is a digital asset capital markets company founded by financial industry veterans with the goal of bringing digital asset trading and investing to institutional and professional traders. The company first launched a multi-asset trading platform last year and has since expanded to include a capital markets office with the best services and products tailored to the needs of hedge funds, family offices and other market participants. CrossTower has leveraged its vast experience in trading, technology, operational infrastructure, innovative pricing, regulation and compliance to open up digital assets to a discerning audience. CrossTower was ranked # 4 out of 152 exchanges, receiving the highest ranking (AA) from CryptoCompare in the latest Exchange Benchmark.
Certain statements contained in this document constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the provisions of the sphere of Security of the Private Securities Litigation Reform. Act of 1995. Such statements may be identified by words such as “may”, “will”, “would intend”, “intend”, “believe”, “expect”, âPlanâ, âestimateâ, âanticipateâ, âcontinueâ, or similar terms or variations of these terms, or the negative of these terms. These statements are based on the current beliefs and expectations of the management of the company. Company and are subject to significant risks and uncertainties. Actual results may differ materially from those stated in forward-looking statements due to many factors. Factors that could cause such differences include, but are not limited to: the effects of any pandemic, natural disaster, war, act of terrorism, accident or action or similar event; those related to the real estate and economic environment, in particular in the market areas in which the Company operates; fiscal and monetary policies the US government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; declines in deposit levels requiring increased borrowing to finance loans and investments; operational risks, including, but not limited to cybersecurity, fraud and natural disasters; the risk that the Company will not succeed in implementing its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in documents filed by the Company with the Securities and Exchange Commission, which are available on the SEC’s website, www.sec.gov.
The Company wishes to caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of their publication. The Company wishes to inform readers that the factors listed above or other factors could affect the financial performance of the Company and could cause the actual results of the Company for future periods to differ materially from the opinions or statements expressed in with respect to future periods in current statements. The Company does not undertake and specifically disclaims any obligation to publish the results of any review, which may be made to forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated events. or unforeseen. .
Press contact: Carie kelly, SVP Virtual Bank
Telephone: (978) 834-8583
Email: [email protected]
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SOURCE The Provident Bank