Solidifies banking-as-a-service offering to crypto-related businesses nationwide
AMESBURY, Mass., March 2, 2022 /PRNewswire/ — BankProv, a future-ready commercial bank providing adaptive, technology-driven banking solutions to emerging industries, has partnered with Rocketplace, a Californiabased on a cryptocurrency exchange, to provide banking infrastructure as a service and crypto-enabled banking solutions for its latest digital asset platform.
Through this partnership, Rocketplace will use BankProv’s innovative Banking as a Service (BaaS) offering to meet its need for access to basic banking services, including white-label deposit products and payment rails. BankProv will power on and off ramps to link the crypto-fiat (USD) gateway, allowing Rocketplace users to quickly deposit, exchange and withdraw funds. Together, they combine the benefits of Rocketplace’s 24/7 commission-free cryptocurrency exchange with traditional banking features to deliver a seamless investment management experience.
Rocketplace will integrate BankProv’s deposit and payment services directly into its digital asset trading platform and use Modern Treasury, a payment transactions platform enabling faster and more efficient payments and reconciliation
“Digital native consumers show a clear preference for services that deliver speed and trust,” said Louis Beryl, CEO of Rocketplace. “By partnering with BankProv, Rocketplace is equipped to meet this consumer demand with instant deposits and fast, commission-free exchange of their favorite cryptocurrencies.”
Whether you’re a newbie trader or a seasoned pro, Rocketplace makes it easy to buy and sell cryptocurrency while making it easy to buy, sell, and trade Bitcoin and cryptocurrency 24/7 from a single profile. Founded by Louis Beryl and Benjamin Hutchinson, Rocketplace believes that cryptocurrencies are an asset class that should be accessible to all investors. The platform takes a “learn while you earn” approach by offering regular research and articles to help their users navigate the industry so users can tip less and invest smarter.
“Rocketplace’s commission-free trading will be a game-changer for digital asset platforms,” said David Mansfield, CEO of BankProv. “This partnership is one of the first in the industry to support a crypto-related business with a banking-as-a-service solution, furthering our mission to provide much-needed banking services to the industry.”
Situated at Palo AltoRocketplace is a cryptocurrency platform serving retail investors in United States. Rocketplace offers simple trading tools, commission-free buying and selling, free industry research, same-day trading for new users, and a customer service team of people, not chatbots. Rocketplace is backed by investors such as Accomplice VC, Better Tomorrow Ventures, Quiet Capital, Combine VC, Goat Capital, and Capital B. For more information about Rocketplace, please visit rocketplace.com.
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 providing adaptive and technology banking solutions to niche markets including cryptocurrency, renewable energy, fintech and value lending business, with an emphasis on research fund loans. We are committed to offering state-of-the-art APIs (Application Programming Interfaces) to all of our business customers 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.
Certain statements contained herein constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by words such as “may”, “will”, “would”, “intend”, “believe”, “expect” , “plan”, “estimate”, “anticipate”, “continue”, or similar terms or variations of these terms, or the negative form of these terms. These statements are based on management’s current beliefs and expectations. of the Company and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements due to a number of factors. Factors that could cause such differences to exist c include, but are not limited to: the effects of any pandemic disease, natural disaster, war, act of terrorism, accident or similar action or event; those related to the real estate and economic environment, particularly in the market areas where the Company operates; US government fiscal and monetary policies; changes in governmental regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; declines in the level of deposits necessitating increased borrowing to finance loans and investments; operational risks, including but not limited to cybersecurity, fraud and natural disasters; the risk that the Company will fail to implement its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available on the SEC’s website, www.sec.gov.
The Company wishes to caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the financial performance of the Company and could cause the Company’s actual results for future periods to differ materially from the opinions or statements expressed at with respect to future periods in current statements. The Company does not undertake and specifically disclaims any obligation to publish the results of any revisions that may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated events. or unforeseen. .
Press contacts: Rachelle Peterson
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