The Provident Bank Expands into Servicing Digital Asset Clients

Dave Mansfield, CEO of BankProv, is proud to announce today that the bank is offering deposit services to cryptocurrency related clients. BankProv is now one of only a few banks nationwide to offer deposit and other banking services to digital asset issuers, exchangers and investors.

“BankProv is proud to be entering the digital asset space because it’s largely unbanked and clients want deposit services,” says Mansfield. “BankProv team developed robust measures to ensure our strategy will not only be effective from a regulatory compliance perspective, but will also allow for our clients to have certainty in a long term banking relationship. That’s why we partnered with top U.S. technology companies to work with us on this new venture.”

BankProv is entering into digital assets having worked with one of the top compliance consulting firms, Treliant, LLC.  Treliant advises the financial services industry on various compliance and regulatory issues including policy, regulations and operational risk. Additionally, BankProv is using Bitfury’s Crystal blockchain analytics platform as part of its seamless onboarding process. The Regtech partnership will also help ensure that new clients at BankProv have a fully compliant AML program in place, and will be utilizing Crystal’s advanced transaction monitoring solution to provide more visibility into their activities on the public blockchain.  Once reviewed and approved, a dedicated Relationship Manager will be assigned to each client.

“The cryptocurrency and blockchain industries represent a growing sector that is increasingly important as companies adopt digital assets,” said Marina Khaustova, CEO of Crystal Blockchain. “We are honored to be partnering with BankProv to extend banking services and compliance platforms to this industry through the use of our leading compliance and AML platform.”

Clients of BankProv also have the luxury of knowing their deposits are insured in full because of its affiliation with the Depositors Insurance Fund, which is only available to Mutual Savings banks that are chartered in Massachusetts. The FDIC insures deposits up to $250,000, but the Depositors Insurance Fund insures the rest, down to the last penny. This offers peace of mind to BankProv’s clients.

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