BankProv Offers Financing for Ethereum-Backed Line of Credit Through Partnership with Anchorage Digital

Rhea-AI Summary

BankProv has partnered with Anchorage Digital to offer Ethereum-backed loan products to institutional clients, a first in the industry. This collaboration aims to enhance access to USD financing for crypto-heavy borrowers and positions BankProv as a key player in cryptocurrency lending. Both companies share a vision to provide traditional financing tools to the growing crypto market. BankProv guarantees 100% deposit insurance, bolstering its appeal as a commercial banking partner in the digital currency sector. The partnership aligns with Anchorage's mission to broaden participation in digital assets.

Positive

• Partnership with Anchorage Digital to provide Ethereum-backed loans, enhancing market position.
• 100% deposit insurance through FDIC and DIF increases customer trust.

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• None.

AMESBURY, Mass., June 3, 2021 /PRNewswire/ -- BankProv, a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging markets, has announced its partnership with Anchorage Digital, a premier digital asset platform and recently nationally chartered Digital Asset Bank.

This partnership allows Anchorage to deliver quality loan products to their institutional clients backed by Ethereum—the first of its kind in the industry. BankProv and Anchorage have found alignment in their mutual undertaking to safely enable forward-thinking companies and investors to access the value of this new asset class and answer the market's need for more widely accessible USD financing for crypto-heavy borrowers. BankProv's prowess into lending on cryptocurrency solidifies its position in the digital currency community as a full-service commercial banking partner for both 100%-insured deposits and cryptocurrency-backed lending.

"We're pushing our full-service offering for the cryptocurrency community to the next level," said Dave Mansfield, CEO of BankProv. "We firmly believe in our mission that the crypto market should be afforded the same access and rights to traditional financing tools as any other legal, well-capitalized and compliant business in America. Anchorage's collateral management tech is world class, making them a trusted partner in the banking industry."

Anchorage was founded in 2017 to meet the growing need for institutional custody and has grown into a full-service financial platform and infrastructure provider for the digital asset space.

"Anchorage has always been a proponent for broad participation in digital assets. With Ethereum-backed loans through BankProv, our clients gain new opportunities to put their investments to work," said Nathan McCauley, CEO of Anchorage. "We selected BankProv for its long commitment to connecting enterprise tech with its commercial bank."

About BankProv
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.

About Anchorage Digital
Anchorage Digital provides institutions simple and secure participation in digital assets, all integrated with custody. As the first federally chartered crypto bank, Anchorage offers the most advanced digital asset platform for institutional investors and setting a new standard for security and usability. With secure custody at its core, Anchorage offers financial solutions for today and tomorrow. Learn more at anchorage.com and @Anchorage.

Press Contact: Carie Kelly, VP Marketing
Phone: (978) 834-8583
Email: ckelly@bankprov.com

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SOURCE The Provident Bank

FAQ

What is the partnership between BankProv and Anchorage Digital?

BankProv and Anchorage Digital have partnered to offer Ethereum-backed loan products, providing institutional clients with enhanced financing options.

How does BankProv's partnership affect its stock (PVBC)?

The partnership strengthens BankProv's position in the cryptocurrency lending market, which could positively impact investor confidence and stock performance.

When was the partnership between BankProv and Anchorage Digital announced?

The partnership was announced on June 3, 2021.

What benefits do Ethereum-backed loans offer to clients?

Ethereum-backed loans provide clients with new opportunities to leverage their digital assets for financing.