New York Bank Embraces Cryptocurrencies

It is a known fact that traditional banking businesses are reluctant to provide banking services to cryptocurrency related firms.

This stems from the fact that the U.S. has yet to establish a regulatory framework that will provide regulatory clarity, however, there are a few banks who are willing to take the risk to become one of the pioneers of this financial digital revolution.

One of these banks is a small bank in New York City that has started doing business with cryptocurrency firms by opening a checking account for a bitcoin ATM company weeks ago and in the process of completing a contract with a crypto startup.

According to Steven Schnall, Chief executive at Quantic Bank, they are just taking steps so that when the regulatory environment becomes more crypto-friendly there won’t be much catching up to do.

It must be noted that crypto-friendly banks are extremely rare due in part because of the extra work they have to do complying with know-your-customer (KYC) and Anti-money laundering (AML) regulations.