• Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA
Saturday, January 28, 2023
WongaNews.com
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading
No Result
View All Result
WongaNews.com
No Result
View All Result

Crypto-adaptive BankProv inks deal with Republic to offer escrow accounts

August 16, 2022
in Altcoins
Reading Time: 2 mins read
A A
ShareShareShareShareShare

Crypto-adaptive commercial bank BankProv is collaborating with crowdfunding marketplace Republic to offer escrow accounts to BankProv customers who want to raise funds on their platforms.

Republic will be modifying BankProv’s Banking-as-a-Service (BaaS)service, which was outsourced from financial technology company Treasury Prime. With the new collaboration, Republic will use Treasury Prime’s API-based financial services to offer escrow accounts to BankProv customers.

BankProv’s CEO Dave Mansfield commented on the new partnership and said:

“Our focus on developing specialized Banking as a Service (BaaS) technology tailored for our customers allows us to deploy industry-first solutions to underserved markets.”

With the new escrow service, BankProv’s corporate clients can collect fundraising for their projects in crypto and fiat money.

BankProv

BankProv is a 200-year-old Provident Bancorp subsidiary and legally operates as the Provident Bank. BankProv defines itself as the “future-ready commercial bank” for corporate clients. Its services revolve around crypto, renewable energy, and innovative financial technologies.

The bank offers Bitcoin ATMs, crypto-backed lending options, crypto deposit solutions, and USD accounts for crypto-native companies. Its escrow accounts will be a new addition to the bank’s crypto services.

Crypto Bank vs. Crypto-friendly Bank

Since the crypto space still lacks a well-rounded regulatory framework, it is difficult to tell what makes a crypto bank. In the U.S., any institution can use the title ‘bank’ as long as it is licensed to hold U.S. dollars. In this respect, banks that have crypto integrations can’t be considered crypto banks.

New-generation banks like Revolut, Juno, and ally offer banking solutions and crypto integrations. Revolut, for example, allows its users to access and trade crypto assets and the stock market from its platform. Ally has a Coinbase integration, where users can link their bank accounts or credit cards to their Coinbase wallets and use them for trading crypto. On the other hand, Juno offers interest on savings in USDC and allows users to convert their paychecks to crypto.

Some argue that it is enough to allow users to hold crypto to become a crypto bank. Others, like Cornell’s Law School Professor Dan Awrey, think the term crypto bank “ensures a concrete meaning.”

While Awrey doesn’t specify what that concrete meaning would refer to, it is possible to say that BankProv has higher crypto-adoption than other new generation banks and is most close to being referred to as a crypto bank. Even though it may still not be enough to be called a crypto bank, BankProv offers USD accounts to crypto companies and crypto-backed lending options, which other new-generation banks do not provide.

Get an Edge on the Crypto Market 👇

Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Credit: Source link

Related articles

Coinbase stock surged 90% in January

January 27, 2023

White House report says it would a ‘grave mistake’ to deepen ties between crypto, broader financial system

January 27, 2023
ShareTweetSendPinShare
Previous Post

Congress Must Decide How Cryptos Should Be Regulated, Former CFTC Commissioner Says – CoinDesk

Next Post

Crypto has an Iran-shaped problem- POLITICO

Related Posts

Coinbase stock surged 90% in January

January 27, 2023

The value of Coinbase’s stock (COIN) rose nearly 90% over the past month.As of Jan. 27, 2023, COIN’s market value...

White House report says it would a ‘grave mistake’ to deepen ties between crypto, broader financial system

January 27, 2023

A new White House report provides additional insight into the mind of the executive branch of the US federal government...

Bitcoin could be the answer to the US’ spiraling debt

January 27, 2023

The U.S. debt ceiling reached its $31.4 trillion limit on Jan. 19, prompting calls for radical action, even removing the...

Third consecutive Friday of significant outflows for Bitcoin

January 27, 2023

CryptoSlate Wrapped Daily: FTX reveals creditors; U.S. man spends BTC on hitmenFTX has revealed its complete list of creditors, which...

Gas Fees on Shibarium to Cost Only $0.02 per Transaction?

January 27, 2023

Shiba Inu’s founder, Ryoshi mentioned in a blog post that the main objective of Shibarium is to drastically reduce the...

Load More
Next Post

Crypto has an Iran-shaped problem- POLITICO

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended

BTC/USD May Not Go Beyond $23k Resistance

January 25, 2023

Australian crypto executives urge caution on regulation

January 23, 2023

Now is not the time for Crypto, multi-asset managers warn

January 2, 2023

About Us

Wonga News is an online news portal that aims to provide the latest crypto news, blockchain, regulations, and much more stuff like that around the world. We promise to share only high quality content from the world's best crypto sources. Feel free to get in touch with us!

What’s New Here!

  • Lawyer Predicts Grayscale’s Win Against The SEC In Supreme Court
  • U.S. Representative French Hill offers insights into digital asset regulations
  • NFT Collection Laid Back Llamas Collection Price, Stats, and Revi…

Newsletter

Loading
  • Contact Us
  • Affiliate Disclosure
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 WongaNews.com - All Rights Reserved!

No Result
View All Result
  • Live Prices
  • Crypto News
  • Bitcoin
  • Altcoins
  • NFT News
  • Blockchain
  • Regulations
  • Trading

© 2022 - WongaNews.com - All Rights Reserved!

  • bitcoinBitcoin(BTC)$23,158.001.02%
  • ethereumEthereum(ETH)$1,603.990.93%
  • USDEXUSDEX(USDEX)$1.07-0.47%
  • tetherTether(USDT)$1.00-0.02%
  • usd-coinUSD Coin(USDC)$1.000.01%
  • binancecoinBNB(BNB)$309.182.27%
  • rippleXRP(XRP)$0.4155011.81%
  • binance-usdBinance USD(BUSD)$1.000.01%
  • cardanoCardano(ADA)$0.3968745.50%
  • dogecoinDogecoin(DOGE)$0.0882912.74%
  • matic-networkPolygon(MATIC)$1.155.32%
  • solanaSolana(SOL)$24.693.12%
  • okbOKB(OKB)$36.391.29%
  • staked-etherLido Staked Ether(STETH)$1,600.600.93%
  • polkadotPolkadot(DOT)$6.643.88%
  • shiba-inuShiba Inu(SHIB)$0.0000122.47%
  • avalanche-2Avalanche(AVAX)$21.3319.17%
  • litecoinLitecoin(LTC)$89.002.51%
  • tronTRON(TRX)$0.0636562.76%
  • uniswapUniswap(UNI)$6.902.80%
  • daiDai(DAI)$1.000.24%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$23,099.001.09%
  • cosmosCosmos Hub(ATOM)$13.816.74%
  • ToncoinToncoin(TON)$2.567.62%
  • chainlinkChainlink(LINK)$7.465.30%
  • leo-tokenLEO Token(LEO)$3.865.98%
  • moneroMonero(XMR)$180.716.08%
  • ethereum-classicEthereum Classic(ETC)$22.181.99%
  • AptosAptos(APT)$18.325.05%
  • bitcoin-cashBitcoin Cash(BCH)$135.591.12%
  • Aerarium FiAerarium Fi(AERA)$7.12-13.06%
  • stellarStellar(XLM)$0.0933682.19%
  • apecoinApeCoin(APE)$6.323.59%
  • quant-networkQuant(QNT)$153.284.25%
  • nearNEAR Protocol(NEAR)$2.595.55%
  • crypto-com-chainCronos(CRO)$0.0825782.96%
  • filecoinFilecoin(FIL)$5.482.55%
  • lido-daoLido DAO(LDO)$2.427.03%
  • algorandAlgorand(ALGO)$0.2604286.73%
  • vechainVeChain(VET)$0.0249824.92%
  • hedera-hashgraphHedera(HBAR)$0.0701035.82%
  • internet-computerInternet Computer(ICP)$6.095.89%
  • axie-infinityAxie Infinity(AXS)$11.661.37%
  • decentralandDecentraland(MANA)$0.716.73%
  • aaveAave(AAVE)$87.960.53%
  • eosEOS(EOS)$1.122.22%
  • the-sandboxThe Sandbox(SAND)$0.775.83%
  • fantomFantom(FTM)$0.4747110.23%
  • flowFlow(FLOW)$1.111.70%
  • theta-tokenTheta Network(THETA)$1.126.89%