Customers turn to crypto with transfer token, $ 1.5 billion in crypto-linked deposits

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Pennsylvania-based Customers Bank has started integrating its early cryptocurrency businesses, offering those businesses the use of a digital asset payment platform as well as the bank’s own internal digital fiat token.

As such, Customers Bank will rival Silvergate in California, Signature in New York, and only a handful of others openly offering basic accounts to crypto firms, as well as a blockchain-based platform allowing customers to instantly send dollars to each other 24/7.

Read more: Another US Bank Joins Small List Ready to Serve Crypto Firms

Tuesday’s announcement delivers on customers’ promise to serve the crypto industry in August of this year.

The bank, a $ 19.1 billion subsidiary of Customers Bancorp, said it has integrated cryptocurrency trading firms Genesis Trading (which shares a parent company with CoinDesk), Blockfills, GSR and SFOX.

“We are proud to attract these top-notch organizations,” Customers Bank CEO Sam Sidhu said in a statement. “And are confident that we can provide the in-demand fiat currency ‘on and off the ramp’ for institutional clients in the crypto ecosystem.”

Customers coins

The Customers Bank-branded CBIT token and a digital fiat payment system dubbed TassatPay bear some similarity to the popular Onyx blockchain from JPMorgan and JPM Coin – although it is only 0.52% of the size of the mega-bank. based in New York.

Customers Bank, whose deposits are insured by the Federal Deposit Insurance Corporation (FDIC), announced $ 1.5 billion in zero-cost deposits from crypto activities in its third quarter earnings report released on October 28.

Sidhu said the bank’s digital fiat rails will expand to serve verticals other than crypto.

“We are seeing very beneficial applications for real-time B2B payment options in commercial real estate, healthcare, hospitality, insurance, accounting, alternative energy and manufacturing supply chains,” did he declare.

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