BankLine Expands Partnerships in Wake of FTX
New Partner Banks Provide Crypto Businesses With Banking Stability
New Partner Banks
In light of the recent bankruptcy of FTX and their affiliated companies, which may have repercussions for banks with similar liquidity exposure, BankLine ensures its clients maintain stable banking by increasing its portfolio of crypto-friendly partner financial institutions.
BankLine recently added two additional crypto-friendly partner banks to their portfolio, providing a level of redundancy and stability to their clients which cannot be achieved by a single bank provider.
Operating under a more conservative business model, BankLine’s partner banks avoid lending to riskier sectors of the cryptocurrency industry, averting potential bankruptcies such as those recently experienced by FTX.
BankLine and their partner financial institutions are well-positioned to continue servicing their customers. Each of BankLine’s partner banks are well-capitalized, FDIC-insured financial institutions which strictly adhere to all federal regulations.
Over 15 years of MSB and high-risk banking provide the experience, insight, and motivation for BankLine to continuously seek quality bank partners, ensuring their clients always maintain stable banking relationships that allow them to scale their business.
BankLine has also recently added cannabis-friendly banks to their portfolio, allowing crypto ATM operators the ability to confidently operate in licensed cannabis-related businesses.
As crypto ATM businesses expand into new markets and opportunities, BankLine’s services continue to evolve to support their customers’ needs, making BankLine the leader in crypto-friendly banking and cash logistics services.
“Our extensive history in the MSB banking sector makes us keenly sensitive to industry and bank volatility. Our key objective is to provide our clients with secure banking partners should any potential disruption arise. By providing our clients with banking redundancy, they have security and peace of mind which allows them to focus on other aspects of their business,” said Mark Ochab, President and CEO of BankLine.
BankLine is the only crypto-friendly banking solution that offers a portfolio of redundant financial institutions willing to serve the varied needs of the crypto industry. BankLine’s network of crypto-friendly banks and services helps mitigate the threat of bank discontinuance and provides ongoing, sustainable, and scalable banking and support services.
Each BankLine customer has a direct relationship at an FDIC-insured depository institution. The accounts are titled in the business entity’s name and are exclusive for the entity’s activity.
By contracting with more than 350 Cash Vault facilities managed by Loomis, Brinks, and Garda. BankLine’s banks currently provide service to more than 32,000 BTM locations in the continental U.S., Hawaii, Alaska and Puerto Rico.
In addition, BankLine’s partner banks provide over the counter services for online crypto companies.