Five Star Bank to allow customers to buy and invest in Bitcoin (BTC)

The level of crypto adoption in the US has grown significantly over the past year. Due to the increased demand for crypto services, some leading banks and financial institutions have launched divisions that allow users to transact in cryptocurrencies.

Five Star Bank has become the latest US financial institution to allow users buy and invest in Bitcoin (BTC/USD) using their bank accounts. The offering has been made possible through a partnership with NYDIG.

Five Star Bank ventures into crypto

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Five Star will offer Bitcoin trading through its partnership with New York Digital Investment Group (NYDIG). Bitcoin services will be available to the bank’s customers before the end of the second quarter of 2022.

The service will be available on the bank’s online and mobile banking apps. NYDIG’s full-stack BTC platform will be integrated into the two platforms. Therefore, account holders at the bank that want to venture into crypto can do so through a regulated platform.

Through the partnership, the bank’s customers will have a platform that is regulated, compliant and meet industry standards. This will allow the customers to monitor their fiat currencies and crypto investments.

Commenting on this initiative, the Chief Operating Officer at Five Star Bank, Martin K. Birmingham, said,

Customer experience continues to be at the forefront of our focus at Five Star Bank, and we’re proud to bring forth a cryptocurrency investment solution that will broaden access to this emerging portfolio option for customers within our geographic footprint and, frankly, across the country.

NYDIG collaborating with US financial institutions

NYDIG has been at the forefront in ensuring US banks that want to venture into crypto have a solid platform that will support their initiative. Last year, NYDIG partnered with First Foundation Bank from California.

During the same year, NYDIG partnered with the National Cash Register (NCR) to enable 650 credit unions and banks in the US to offer crypto-related services through their mobile applications.

Besides securing partnerships in the banking sector, NYDIG is also working with other notable brands. The company has collaborated with Landry, a behemoth in the hospitality sector, to launch a Bitcoin reward program.