Suncrest Bank Is Preparing To Provide Bitcoin Services

Serving in the California region, Suncrest Bank has begun preparations to provide Bitcoin purchase, sales and custody services to its customers.

Located in the US state of California, Suncrest Bank is preparing to provide Bitcoin services. The bank took action to offer Bitcoin services its customers.

"People Have Accepted The Switch To Digital"

Ciaran McMullan, CEO of Suncrest Bank, said in a statement to the US press that they took such a step due to the intense demand of their customers, said, "The pandemic had a great impact on the transition to the digital world and people accepted this technology."

Conversation with NYDIG and Fidelity

Recently, China's bans on payments with cryptocurrency, Tesla CEO Elon Musk's posts stating that Bitcoin mining harms the environment, the largest cryptocurrency Bitcoin, in terms of market value, has fallen. In contrast, Suncrest Bank has begun negotiations with cryptocurrency custody company New York Digital Investment Group (NYDIG) and Fidelity to create a platform where customers can buy, sell, and hold crypto. The bank, which has 7 branches in the state of California, USA, has approximately $ 1.3 billion in assets under its management. There is no clear definition of community banks in the US. However, such banks are generally able to serve customers in the regions where their branches are located and do not appeal to large masses. The amount of assets under the management of Community banks should be less than $ 1 billion according to the OCC and $ 10 billion according to the US Federal Reserve (Fed), but there are no clear laws on this issue.