Customers announces new cryptocurrency clients
Berks County-based bank takes ‘bold’ step in growing its position in global cryptocurrency market
West Reading-based Customers Bank announced on Tuesday a partial list of its inaugural cryptocurrency clients as the institution moves to position itself as a leading service provider in the growing global crypto market.
Commercial clients will use Customer Bank’s own branded token, CBIT, in conjunction with the institution’s partnering real-time payments platform, TassatPay, as an “on and off ramp” for businessto-business transactions, according to a release.
President and CEO Sam Sidhu said Customers Bank believes the volume of crypto transactions will grow “exponentially” in the months ahead.
“We see very beneficial applications for real-time B2B payments options in commercial real estate, healthcare, hospitality, insurance, accounting, alternative energy, and manufacturing supply chains,” Sidhu said in a statement. “We believe the demand for our technology will grow and expand.
“Moreover, the payments system will create cross-sell opportunities as the enhanced profitability of users prompts them to borrow capital for expansion and growth.”
Sidhu further explained Customers Bank’s move and what differentiates it from other institutions’ positions in crypto on CNBC on Tuesday, pointing to its focus on servicing its commercial clients’ needs in a “24×7, 365” marketplace.
“The legacy payment rails of ACH (automated clearing house) and wire need to be upgraded, and through the use of blockchain technology with our partner at TassatPay, we now have an ability to affect real-time payments,” Sidhu said.
“Many banks in the industry are focusing on the consumer space, thinking about cryptocurrency custody, trading, etc. We’re focused on commercial customers who are using cryptocurrency as a store of value as opposed to a transaction medium.”
Customers Bank’s announced lineup of crypto clients includes Genesis Global Trading, a digital currency prime brokerage; Blockfils and GSR, a pair of digital asset trading platforms; and SFOX, a crypto meta exchange.