ConnectOne Bank Announces Membership in USDF Consortium
ConnectOne Bank has joined the USDF Consortium, a group of FDIC-insured banks aiming to promote USDF, a tokenized deposit system. This membership aligns with ConnectOne's strategy to enhance commercial banking through innovative technology, enabling compliant blockchain transactions. Chairman & CEO, Frank Sorrentino III, emphasized the potential of blockchain in providing secure banking solutions. The Consortium aims to unlock blockchain's advantages, including faster and cost-effective digital transactions. ConnectOne is one of several banks collaborating to broaden the adoption of USDF for improved financial interactions.
- Joined the USDF Consortium, enhancing digital transaction capabilities.
- Aligns with strategic goals of leveraging innovative technology in banking.
- None.
ENGLEWOOD CLIFFS, N.J., March 09, 2022 (GLOBE NEWSWIRE) -- ConnectOne Bank, the insured depository subsidiary of ConnectOne Bancorp, Inc. (NASDAQ: CNOB), announced today its membership in the USDF Consortium, an association of FDIC-insured financial institutions with a mission to build a network of banks to further the adoption and interoperability of USDF – a tokenized deposit. ConnectOne joins other industry leading banks in the Consortium, who will facilitate and promote the use of USDF.
“ConnectOne Bank’s participation in the USDF Consortium supports our strategy of building leading commercial banking solutions supported by innovative technology,” said ConnectOne Bank’s Chairman & CEO, Frank Sorrentino III. “We believe that employing blockchain within the regulatory perimeter, allows us to build effective and secure solutions for our clients that meet the demands of their changing businesses. We look forward to working alongside industry-leading banks in unlocking the opportunities that blockchain can provide.”
ConnectOne Bank, joined by Amerant Bank and Primis Bank in today’s announcement, have joined the founding members in building a network of banks to further the adoption and interoperability of a bank-minted tokenized deposit that will facilitate the compliant transfer of value on blockchain.
The growth is just one step for the Consortium, which is giving banks and their customers a way to leverage the potential of blockchain technology, including providing faster, less expensive digital transactions.
“The increase in membership is a testament to the Consortium’s ability to provide in-depth guidance and connect banks with turn-key technology solutions as well as the transformative role that blockchain payment rails can play in financial services,” said Ashley Harris, Chair of the USDF Consortium.
The USDF token is minted exclusively by U.S. FDIC-insured banks and represents a deposit at a USDF Consortium bank.
About ConnectOne Bank
ConnectOne Bank, a subsidiary of ConnectOne Bancorp, Inc. (NASDAQ: CNOB) is a leading commercial bank with total assets in excess of
www.ConnectOneBank.com
About USDF Consortium
The USDF Consortium is a membership-based association of FDIC-insured banks. The Consortium's mission is to build a network of banks and further the adoption and interoperability of a bank-minted tokenized deposit (USDF™), which will facilitate the compliant transfer of value on the blockchain, removing friction in the financial system and unlocking the financial opportunities that blockchain and digital transactions can provide to a greater network of users. To learn more, please visit the Consortium's website at www.usdfconsortium.com.
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