AMESBURY, Mass., Dec. 16, 2021 /PRNewswire/ — BankProv, a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging markets, has announced its partnership with CrossTower, one of the world’s fastest and leading trading platforms and digital asset investment firms, to provide equipment financing for Bitcoin miners.
“CrossTower is very excited to partner with BankProv to develop a dynamic and sophisticated lending business in the cryptocurrency industry,” said Kristin Boggiano, co-founder and President at CrossTower. “CrossTower has an incredible global infrastructure that offers access by institutions to the digital asset markets. We are excited to expand our product offerings.”
Demand to borrow against crypto is currently at an all-time high. A 2020 Credmark report found the crypto lending industry has over $40 billion in locked value.
BankProv is teaming up with CrossTower to support the industry’s need for USD funding to scale mining operations. Equipment loans will be financed through BankProv’s expanding Specialty Lending team and supported by CrossTower’s world class collateral management technology and underwriting standards. This offering is expected to help miners looking to invest in some of the most advanced mining equipment on the market, with the repayment of the loan coming from the cryptocurrency mined from the very rigs financed by BankProv.
“BankProv is proud to expand its relationship with CrossTower to include this new and exciting specialty lending initiative,” said Dave Mansfield, CEO of BankProv. “By partnering with an innovative, longstanding and trusted partner like CrossTower, we’re able to execute on our mission to provide much-needed banking services to an underserved market and increase the widespread adoption of this asset class.”
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and search fund lending. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information about BankProv please visit our website bankprov.com or call 877-487-2977.
Founded in 2019 and launched in 2020, CrossTower is a digital assets capital markets firm founded by financial industry veterans on a mission to bring digital asset trading and investing to institutional and professional traders. The firm first launched a multi-asset trading platform last year and has since expanded to include a capital markets desk with best-in-class services and products tailored to the needs of hedge funds, family offices and other markets participants. CrossTower has leveraged its vast experience in trading, technology, operational infrastructure, innovative pricing, regulations, and compliance to open digital assets to a sophisticated audience. CrossTower was ranked #4 out of 152 exchanges, receiving the highest (AA) ranking from CryptoCompare in the latest Exchange Benchmark.
Certain statements contained herein constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “may,” “will,” “would,” “intend,” “believe,” “expect,” “plan,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors. Factors that could cause such differences to exist include, but are not limited to: the effects of any pandemic disease, natural disaster, war, act of terrorism, accident, or similar action or event; those related to the real estate and economic environment, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov.
The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
Press Contact: Carie Kelly, SVP Virtual Banking
Phone: (978) 834-8583
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SOURCE The Provident Bank
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