RATE Group | This Bank Gave Bitcoin to Its Entire Staff. Now It’s Taking Crypto Clients
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This Bank Gave Bitcoin to Its Entire Staff. Now It’s Taking Crypto Clients

10 Aug This Bank Gave Bitcoin to Its Entire Staff. Now It’s Taking Crypto Clients

Posted at 04:58h in Cryptocurrency News by

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A small bank in New York City has started doing business with cryptocurrency firms, joining the very short list of U.S. financial institutions to embrace the sector.

Quontic Bank opened a checking account for a bitcoin ATM company a few weeks ago and is in the process of completing a contract to deliver banking services to another crypto startup. The bank wouldn’t name either client.

“We’re just taking steps so that when the regulatory environment becomes more crypto-friendly, we don’t have a lot of catching up to do,” said Quontic chief executive Steven Schnall, who acquired the bank in 2009. “We’re looking to diversify our product offering and our customer mix by entering into that field.”

While Schnall wouldn’t say how big he wants Quontic’s crypto business to be, he claimed the pending contract “could impact millions of Americans.”

Crypto-friendly banks are extremely rare, in part because of the extra work they have to do complying with…

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