Customers Bank Seeks to Expand Its Crypto Offerings
Customers Bank – a top 100 commercial and consumer bank – is looking to broaden its expertise and presence in the cryptocurrency space. The company has worked to bring on at least seven new digital currency experts as a means of helping the bank provide proper crypto services to its many clients. At the time of writing, Customers Bank manages close to $20 billion in total assets.
Customers Bank Is Looking to Boost Its Crypto Expertise
Sam Sidhu – president and chief executive officer of Customers Bank – explained a statement:
We made the commitment to be one of the top financial institutions serving commercial cryptocurrency and digital asset institutions and we understand all requirements, pitfalls, and the possibilities for crypto customers. These clients require a financial partner that has the technology and agility to scale with their requirements throughout the entire ecosystem, not just in one or two aspects of their business. Our investment in building out the best crypto and digital asset team signal. We are a serious participant in this space and committed to this business line for the long term. The corresponding increase in our share price since the launch of our Customers Bank Instant Token (CBIT) is helping us drive and return value to our investors.
Several banks are now looking to offer crypto custody and related services to their clients as the space becomes larger and more mainstream. The fact is that many traditional banking clients are now demanding these services given that many crypto prices have been exploding as of late.
In addition, crypto assets are widely considered tools that can grant users more financial freedom than traditional fiat currencies, especially now that inflation is running high and governments around the world are continuing to print money like it grows on trees. Christopher Smalley – managing director and head of digital banking at Customers Bank – said:
We continue to invest in the crypto vertical, signaling our commitment and desire to rapidly grow this business. We have had a successful soft launch of CBIT in the fourth quarter of 2021 led by $1.5 billion of non-interest-bearing deposit growth, which was limited to 25 commercial clients. In the first quarter of 2022, we will continue expanding our crypto and digital asset customer base, the products that serve them, and our associated deposits.
Who Came Aboard?
Among the digital currency team members being added to the bank’s personnel roster are Robb Layfield, who will serve as the managing director of digital assets. There is also Dan Devine, who will serve as the company’s senior vice president of digital asset product development.
Customers Bank will issue a report in the coming future detailing the adoption rate of its new token. The firm is a fully owned subsidiary of Customers Bancorp, Inc., which is a member of the Federal Reserve System.
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