Flushing Financial Corporation, the parent company of Flushing Bank, announced on January 25th, 2022 that their customers will soon be able to buy, sell, and hold bitcoin. The company will be partnering with NYDIG who will provide the necessary infrastructure for the bank to offer these services.
Flushing was founded in 1929 and offers personal, business, and government financial services along with real estate loans. The company has been publicly traded on the NASDAQ exchange since 1995 and operates in New York City as well as Nassau County, New York. The bank is estimated to be managing $8 Billion in assets and $6.4 Billion in deposits based on their latest financial statement. By providing bitcoin services, Flushing bank aims to fill the increasing demand for the asset by its customers.
NYDIG has a history of partnering with institutions ranging from banking, to the non-profit sector to provide bitcoin services. Last year, NYDIG announced that in the first half of 2022, 300 banks (Flushing Bank included) would begin to allow their customers to buy bitcoin using their services.
Flushing President and CEO John R. Buran expressed the need for a seamless experience that the bank’s customers can participate in. He stated, “This partnership provides our customers with a fully integrated solution to conduct bitcoin transactions in a safe and secure environment.”
Buran also sees an increased demand from the bank’s customers. He says, “As part of our ongoing digital transformation, we recognize the importance of staying current with emerging market trends and consumer demand for alternate financial services.”
What Does This Mean for Bitcoin?
Bitcoin is increasing its legitimacy in traditional finance and other industries, particularly following the success of Microstrategy’s bitcoin strategy. The company’s playbook has encouraged more companies to integrate bitcoin into their business as a new revenue generator or as a treasury reserve asset.