Customers Bank Deepens Commitment to Cryptocurrency and Digital Asset Clients with Team Recruitment

Rhea-AI Summary

Customers Bank, a leading digital bank with $19.1 billion in assets, has enhanced its Digital Asset Banking Team by hiring seven industry experts from Silvergate Capital. This strategic move aims to bolster its services for commercial cryptocurrency clients. CEO Sam Sidhu highlighted the bank's commitment to becoming a premier financial partner in the digital asset space. Following the soft launch of the Customers Bank Instant Token (CBIT^TM), the bank reported $1.5 billion in non-interest bearing deposits and plans to further expand its crypto client base in 2022.

Positive

• Strategic hiring of seven industry experts enhances digital asset services.
• Reported $1.5 billion in non-interest bearing deposit growth.
• Commitment to serve commercial cryptocurrency clients signals long-term growth.

Negative

• None.

WEST READING, Pa.--(BUSINESS WIRE)-- Customers Bank, a top 100 digital forward commercial and consumer bank with approximately $19.1 billion in assets and the subsidiary of Customers Bancorp, Inc. (NYSE: CUBI), has made large-scale, strategic investments to broaden the depth and expertise of its Digital Asset Banking Team that supports the needs of commercial cryptocurrency and digital asset institutions. Recently, seven key industry experts joined Customers Bank bringing a wealth of knowledge working in the crypto space at Silvergate Capital, the first financial institution to service the digital asset ecosystem. The new team members include professionals across business development, technology, onboarding, payments, BSA and compliance, signifying Customers Bank’s commitment to serving all the needs of digital asset clients.

“We made the commitment to be one of the top financial institutions serving commercial cryptocurrency and digital asset institutions and we understand all requirements, pitfalls and the possibilities for crypto customers,” stated Sam Sidhu, President and Chief Executive Officer of Customers Bank. “These clients require a financial partner that has the technology and agility to scale with their requirements throughout the entire ecosystem, not just in one or two aspects of their business.”

Sidhu added, “Our investment in building out the best crypto and digital asset team signals we are a serious participant in this space and committed to this business line for the long term. The corresponding increase in our share price since the launch of our Customers Bank Instant Token (CBIT^TM) is helping us drive and return value to our investors.”

Customers Bank recruited Robb Layfield as Managing Director, Digital Assets and Dan Devine as Senior Vice President, Digital Asset Product Development, along with five other digital asset bankers to round out the existing team and expand on the bank’s broad coverage of the crypto industry. This investment furthers the relationships with these clients, and the technology and payments team will help accelerate their success.

“We continue to invest in the crypto vertical, signaling our commitment and desire to rapidly grow this business,” added Christopher Smalley, Managing Director and Head of Digital Banking at Customers Bank. “We have had a successful soft launch of CBIT^TM in the fourth quarter of 2021 led by $1.5 billion of non-interest bearing deposit growth, which was limited to 25 commercial clients. In the first quarter of 2022, we will continue expanding our crypto and digital asset customers base, the products that serve them, and our associated deposits.”

Customers Bank will report further on the adoption and success of its own branded CBIT^TM on the TassatPay platform, to convey U.S. Dollars between commercial banking customers, during its fourth quarter earnings report.

About Customers Bank

Customers Bank is a full-service bank with $19.1 billion in assets at September 30, 2021, and a wholly owned subsidiary of 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 (CBIT^TM) 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220106005535/en/

Sam Sidhu, President & CEO 484-744-8985

Christopher Smalley, Managing Director Digital Banking, 516-567-5364

Source: Customers Bank

FAQ

What recent investment has Customers Bank made in the digital asset space?

Customers Bank has made significant investments by hiring seven industry experts to strengthen its Digital Asset Banking Team, focusing on commercial cryptocurrency clients.

How much growth did Customers Bank report in non-interest bearing deposits?

Customers Bank reported $1.5 billion in non-interest bearing deposit growth since the soft launch of the Customers Bank Instant Token (CBIT^TM).

What is the Customers Bank Instant Token (CBIT^TM)?

The Customers Bank Instant Token (CBIT^TM) is a blockchain-based digital payment solution allowing real-time payments in U.S. dollars, available 24/7.

What are the future plans for Customers Bank in the crypto sector?

Customers Bank plans to expand its crypto and digital asset customer base and product offerings throughout 2022.