RATE Group | NYC-Based Quontic Bank Opens its Doors to Crypto Companies
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NYC-Based Quontic Bank Opens its Doors to Crypto Companies

12 Aug NYC-Based Quontic Bank Opens its Doors to Crypto Companies

Posted at 06:48h in Cryptocurrency News by

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A little-known, NYC-based bank called “Quontic” has become the latest of a handful of US-based financial institutions to have agreed to work with the cryptocurrency sector, according to a recent report from CoinDesk.

The bank, which has just $420 million in assets (JPMorgan,by comparison, has more than $30 trillion), opened a checking account for an unnamed Bitcoin ATM firm–its first crypto client–several weeks ago, and claims to be in contract negotiations to open accounts for another new cryptocurrency company, which was also unnamed.

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Quontic CEO Steve Schnall told CoinDesk said that while the regulatory environment in the US isn’t the clearest or most conducive for relationships between banks and cryptocurrency companies, he is hoping that acting early will provide the bank with an advantage when regulations become more lucid: “we’re just taking steps so that when the regulatory environment…

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