Bankprov – DIGIT INFO

Circle Partners With Cross River Bank, Handful of US ‘Crypto-Friendly’ Banks Remain; Okcoin Suspends USD Deposits

DIGIT — Mon, 13 Mar 2023 21:00:31 +0000

Circle Financial, the issuer of the stablecoin USDC, is partnering with Cross River Bank after its former settlement partner, Signature Bank, was closed by New York regulators, according to a statement from CEO Jeremy Allaire. “The 1:1 redeemability of all USDC in circulation is of paramount importance to Circle,” Allaire emphasized. Crypto Firms Scramble for […]

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Crypto-friendly bank ends loans backed by crypto mining rigs

DIGIT — Wed, 01 Feb 2023 06:01:33 +0000

After a bullish 2021 crypto miners sought out loans to allow them to expand, a move which has since backfired following difficult market conditions in 2022.

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Massachusetts-Based Bankprov to End Loan Offerings Secured by Cryptocurrency Mining Rigs

DIGIT — Wed, 01 Feb 2023 01:45:03 +0000

The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the company has discontinued new loan […]

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