The crypto-friendly bank Cross River Bank has partnered with Circle to provide automated settlements following the collapses of crypto-friendly banks. Cross River Bank's financial infrastructure, such as the Real-Time Payment system, can facilitate crypto-to-fiat conversions at all hours, among other use cases. This partnership is sure to make a huge impact on the market and increase consumer confidence in digital currencies. Let’s take a closer look at what this partnership entails.
Cross River Bank is an independent FDIC-insured bank that has grown to $9.9 billion in assets and has originated over $100 billion in loans since its founding in 2008. The bank's notable investors include Battery Ventures, Andreessen Horowitz, Ribbit Capital, and KKR. It also provides a full suite of banking services to more than 500 companies across the U.S., including loan origination, international payments processing, deposits management and automated clearing house services (ACH). It’s worth noting that it is one of the few banks in the US that are registered with FinCEN as a Money Services Business (MSB), which enables it to process transactions related to virtual assets such as cryptocurrency.
Circle is an innovative financial technology company that provides customers with access to innovative products and services such as cryptocurrency trading and investing products like “Buy the Market” feature. It also provides customers with access to investment opportunities like peer-to-peer lending through its Circle Invest platform. Circle also powers mobile payments for hundreds of millions of users worldwide through its Circle Pay app, allowing customers to send money instantly from their phone or computer around the world using blockchain technology.
The collapse of several crypto friendly banks increased regulatory scrutiny of remaining crypto friendly banks such as Cross River Bank Thus, this partnership between Cross River and Circle could bring several benefits for both parties involved. For example, Cross River will be able to expand its customer base by providing automated settlement services powered by Circle’s technology infrastructure while benefiting from enhanced security measures provided by its partner’s compliance infrastructure Moreover, with its Real Time Payment System (RTP) system Cross River can facilitate real time conversion between fiat currency and cryptocurrencies at all hours which would enable them to process more transactions faster while reducing operational costs associated with manual processes As for Circle they could benefit from access to Cross Rivers’ deep tech exposure which could help them further refine their product offering making them more competitive in the market
This strategic alliance between two progressive firms will provide many advantages for consumers looking into investing or trading cryptocurrencies as well as companies looking into providing innovative financial solutions powered by blockchain technology This partnership is sure to make a huge impact on the market and increase consumer confidence in digital currencies as well as traditional transactions facilitated by real time payment systems provided by forward thinking firms such as Cross River Bank and Circle Financial Technology Solutions respectively. In any case we are excited about what this new collaboration will bring us!