- Flushing Bank customers will soon be able to buy, sell and hold bitcoin directly in their online bank accounts.
- The New York State chartered bank will enable the feature in the first quarter through NYDIG and Q2 Holdings.
- Q2 provides digital banking solutions to Flushing Bank.
Flushing Bank, a commercial bank licensed by the state of New York, will offer Bitcoin services to its customers in the first quarter of 2022, the company announced in a statement Tuesday.
The company is the latest traditional financial institution to jump on the bitcoin bandwagon in a partnership with institutional bitcoin broker NYDIG, which will make it easier to integrate solutions for buying, selling and holding bitcoin with the provider of bitcoins. online banking services of Flushing Bank, Q2 Holdings.
“By using NYDIG’s innovative technology to provide seamless access through our relationship with Q2, our online banking provider, we will be able to offer our customers the ability to buy, sell and hold bitcoins,” said John R. Buran, president and chief executive of Flushing Bank. CEO, according to the statement. “This partnership provides our customers with a fully integrated solution for transacting bitcoins in a safe and secure environment.”
Buran added that the move is part of Flushing Bank’s “ongoing digital transformation” as the financial institution seeks to stay abreast of emerging trends and corresponding consumer demand.
“Consumer interest in bitcoin is growing rapidly, and NYDIG has the tools and expertise to help community banks meet this demand,” said Patrick Sells, CIO at NYDIG, according to the statement. “With forward-thinking institutions like Flushing Bank, we are well on our way to achieving our bitcoin-for-all mission.”
In June, NYDIG partnered with digital banking solutions provider Q2 to bring bitcoin access to more than 18 million end consumers through Q2’s institutional customers. The collaboration began to yield results a few months later when Five Star Bank and credit union UNIFY became the first two Q2 customers to opt into the Bitcoin ecosystem.