$8 billion New York bank will offer customers Bitcoin

The Flushing Financial Corporation has partnered with New York Digital Investment Group to provide its customers with Bitcoin brokerage services.

$8 billion New York bank will offer customers Bitcoin

The Flushing Financial Corporation, which owns Flushing Bank, has partnered with a top crypto firm, New York Digital Investment Group, to provide its customers with Bitcoin brokerage services.

Founded in 1929, the bank had a net income of around $200 million at the end of 2021, as per its Q4 report. Its assets stood at about $8 billion at the end of 2021.

As part of the partnership, the bank will be able to offer Bitcoin buying and selling services to its customers in a "safe and secure environment."

According to Flushing Bank, the company plans to launch its BTC-related services later this quarter. It will be revealing further details on the company's roadmap in the coming weeks.

John R. Buran, CEO and president of Flushing Financial Corporation, attributed the firm's adoption of BTC to its desire to stay current with market trends:

"Keeping up with emerging market trends and consumer demand for alternative financial services is an important part of our ongoing digital transformation."

NYDIG is a heavyweight in the crypto sector that primarily offers products and services associated with bitcoin. An initial valuation of $7 billion accompanied the $1 billion funding raised in December by the firm.

NYDIG says it has more than 35 partnerships in the banking and credit union sectors, including deals with Five Star Bank, Idaho Central Credit Union, STAR Bank, U.S. Bank, and NYMBUS, among others.

Patrick Sells, President of NYDIG, stated on Jan. 25 that the organization is committed to partnering with traditional financial institutions as the firm seeks to grow using bitcoin will make banking more secure and efficient.

According to Sells, users want to be exposed to crypto via organizations they are already familiar with:

"Consumers want Bitcoin and they want it through the banks and credit unions they already trust. According to our research, consumers are willing to accept Bitcoin."

Through partnerships with leading sport organizations such as the NBA's Houston Rockets and luxury auto dealer Post Oak Motor Cars, the firm has also steadily expanded its mainstream presence.