Reshab AgarwalThe CEO of Flushing recently said that they understand the importance of staying in the current emerging market trends. This is why Flushing Financial Corporation has partnered up with New York Digital Investment Group (NYDIG) to offer Bitcoin services to its customers. Considering that Flushing is quite an old bank, it is good to see that they are staying up to date with the current trends.
Flushing Financial Corporation to offer Bitcoin services
The commercial bank was founded in 1929 and had over $8 billion in assets under management. In 2021, they had a net income of around $200 million from these assets. But as the bank has not introduced the Bitcoin services, we can expect a boost in AUM and profits. Flushing said that with NYDIG, they would be offering a “safe and secure environment” to buy, sell and hold Bitcoin. The bank will be trying to make the services available by the end of Q1 2022.
As I said above, the bank’s CEO understands the importance of being up to date and following the market trends. If they don’t, they are just going to be left behind as the demand for digital services is also on the rise. The growth and demand can be seen in the $7B valuations of 4-year old NYDIG. They have been continuously partnering with more firms and banks in this sector. And at present, there are 35 deals they have signed, including U.S. Bank, Five Star Bank, and more.
NYDIG’s outlook
With the current outlook, NYDIG has it is clear why they are seeing such speedy growth. The firm is trying to partner with as many traditional firms as possible. NYDIG Chief Innovation officer said they want to show the world that banking is better with Bitcoin. The idea is simple: there is demand for BTC but from sources that users already trust: banks and credit unions. So, this strategy is working for them as well for the banks. NYDIG has also been working on other fronts that include partnering with big sporting organizations and even car dealerships.
What are your thoughts as Flushing Financial Corporation partners with NYDIG to offer Bitcoin services? And do you think this will bring in more profits for them? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: IRS Special Agent calls out mountains of crypto frauds.