Customers Bank, the $19.1 billion subsidiary of Customers
Bancorp, Inc. (NYSE: CUBI), today released a partial list of
inaugural institutional crypto clients. The clients identified are
among the premier cryptocurrency and digital asset institutions,
making the bank one of the nation’s leading financial services
providers in the growing global crypto industry.
“We’re proud to be attracting these best-in-class
organizations,” said Sam Sidhu, President & CEO of Customers
Bank, “and are confident that we can provide the much-demanded fiat
currency ‘on and off ramp’ for institutional clients in the crypto
ecosystem,” He explained, “Customers Bank is concentrating on
agents making key institutional B2B transactions.” Customers Bank
has already onboarded key exchanges, OTC desks, funds, liquidity
providers and other enterprise grade businesses in the crypto
ecosystem.
The bank today announced its first clients including: Genesis
Global Trading a leading digital currency prime brokerage,
Blockfills with a digital asset trading platform already serving
over 600 institutional clients across 50 countries, GSR a global
leader in digital asset trading executing over 1 million trades
daily, and SFOX, one of the largest crypto meta-exchanges providing
the deepest price discovery, optimal execution, and institutional
trading prime services.
Customers Bank is using its own branded CBITTM token to convey
U.S. dollars between commercial banking customers. The CBITTM token
is used in conjunction with the TassatPayTM payments platform to
effect blockchain-backed, real-time instant B2B payments between
two Customers Bank clients. While clients benefit from improved
capital efficiency due to the speed and security of real-time
blockchain transactions, the bank will enjoy the benefit of
significant low-cost deposits providing tremendous liquidity and
expanded net interest margins to fuel aggressive lending
growth.
“We are excited to see more banks embracing our continually
evolving industry,” said Michael Moro, CEO of Genesis. “Customers
Bank’s commitment to providing valuable services to the crypto
community is a welcome development.”
“The platform offered by Customers Bank fits with our vision,
based on decades of experience in institutional trading, that there
must be a bank partner and connection to traditional industries
that can benefit from crypto-based transactions,” said Nick Hammer,
co-founder and CEO of Blockfills.
Customers Bank has over the past year transformed itself from a
Mid-Atlantic-based community bank to a digital-forward financial
services institution by partnering with best-in-class fintechs
partners.
“As the trading needs of institutional investors in digital
assets become increasingly sophisticated, we need a partner to
provide strong risk management capabilities and a crypto-friendly
outlook,” said Trey Griggs, CEO of GSR USA. “Customers Bank is the
ideal partner for us as we look to increase investor confidence and
participation in the digital asset market given their extensive
experience as a well-established, commercial bank.”
Christopher Smalley, Head of Digital Banking at Customers said,
“These initial four partners are uniquely positioned in the
cryptocurrency ecosystem to attract additional customers to our
full-service banking platform.” Prospective institutional crypto
customers can reach Customers Bank for more information at
https://www.customersbank.com/business-banking/instant-payment/
Sidhu believes that the number of cryptocurrency/digital asset
clients and the volume of transactions will grow exponentially in
the months ahead. And this is just the first of many industry
verticals that will be served he says. “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. 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 borrow capital for expansion and growth.”
Akbar Thobhani, CEO & Co-Founder at SFOX commented, “SFOX
works with many leading and emerging institutions in the crypto
market, and we are excited to partner with Customers Bank, one of
the most forward-thinking banks, to provide these institutions a
trusted end-to-end solution that grants access to global crypto
markets from a single account.”
The bank announced $1.5 billion of zero-cost deposits from
crypto business in its Q3 earnings report issued October 28. Sidhu
said CUBI will report further on the adoption and success of its
real time payments service starting with 2022 earnings reports.
About Customers Bank
Customers Bank is a full-service bank with $19.1 billion in
assets at September 30, 2021, and a wholly owned Customers Bancorp,
Inc. (NYSE:CUBI). A member of the Federal Reserve System with
deposits insured by the Federal Deposit Insurance Corporation,
Customers Bank is an equal opportunity lender that provides a range
of banking and lending services to small and medium-sized
businesses, professionals, individuals, and families. Services and
products are available wherever permitted by law through
mobile-first apps, online portals, and a network of offices and
branches. Customers Bank provides blockchain-based digital payments
via the Customers Bank Instant Token (CBITTM) which allows clients
to make real-time payments in US dollars, 24 hours a day, 7 days a
week, 365 days a year. More at www.customersbank.com.
About Genesis
Genesis is a full-service digital currency prime brokerage
providing a single point of access for select qualified individuals
and global institutional investors. Genesis combines unrivaled
operational excellence, a seamless user experience, and
best-in-class client service to provide the full suite of services
global investors require to manage their digital asset portfolios.
The firm offers sophisticated market participants a fully
integrated platform to trade, borrow, lend, and custody digital
assets, creating new opportunities for yield while increasing
capital efficiency for counterparties. Genesis is a wholly owned
subsidiary of Digital Currency Group (DCG), one of the largest
private investors in blockchain and digital asset companies. For
more information on Genesis, please visit www.genesistrading.com
and follow @GenesisTrading on Twitter.
About Blockfills
Blockfills is a disruptive financial technology firm dedicated
to the provision of end-to-end solutions for global crypto currency
market participants. The Company has successfully built and
deployed a cutting-edge multi-asset technology platform that solves
major liquidity fragmentation problems in the marketplace. The
platform provides price discovery, price aggregation, electronic
order matching, smart order routing and trade reconciliation
solutions for institutions in the digital spot, derivatives, and
lending markets. In addition, Blockfills provides software as a
service solution that simplify all aspects of the trade lifecycle
for institutions in the sector. Lean more at:
https://www.blockfills.com/
About GSR
Founded in 2013, GSR is a global leader in digital asset trading
specializing in providing liquidity, risk management and structured
products to institutional participants in the digital asset
ecosystem. Its team of veteran finance and technology executives
from Goldman Sachs, J.P. Morgan, Two Sigma, Citadel and Blackstone,
among others, has developed one of the world’s fastest and most
robust trading platforms. For more information, visit gsr.io.
About SFOX
SFOX, or San Francisco Open Exchange, is one of the largest
cryptocurrency prime dealers for institutional traders. Founded in
2014, SFOX gives clients an edge through an end-to-end proprietary
platform that provides custody, treasury management, liquidity,
algorithmic best execution, and unified reporting via one
connection, one counterpart, and one workflow. Learn more at:
SFOX.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20211102005268/en/
Sam Sidhu, President & CEO 484-744-8985
Christopher Smalley, Managing Director Digital Banking,
516-567-5364
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