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BankProv Partners with CrossTower to Offer Crypto Lending Platform for EF

December 17, 2021, 07:25 AM
Filed Under: Industry News

BankProv, a commercial bank that offers adaptive and technology-first banking solutions to emerging markets, announced its partnership with CrossTower, a trading platforms and digital asset investment firm, to provide equipment financing for Bitcoin miners.

“CrossTower is very excited to partner with BankProv to develop a dynamic and sophisticated lending business in the cryptocurrency industry,” said Kristin Boggiano, co-founder and President at CrossTower. “CrossTower has an incredible global infrastructure that offers access by institutions to the digital asset markets. We are excited to expand our product offerings.”

Demand to borrow against crypto is at an all-time high. A 2020 Credmark report found the crypto lending industry has over $40 billion in locked value.

BankProv is teaming up with CrossTower to support the industry’s need for USD funding to scale mining operations. Equipment loans will be financed through BankProv’s expanding Specialty Lending team and supported by CrossTower’s world class collateral management technology and underwriting standards. This offering is expected to help miners looking to invest in some of the most advanced mining equipment on the market, with the repayment of the loan coming from the cryptocurrency mined from the very rigs financed by BankProv.

“BankProv is proud to expand its relationship with CrossTower to include this new and exciting specialty lending initiative,” said Dave Mansfield, CEO of BankProv. “By partnering with an innovative, longstanding and trusted partner like CrossTower, we’re able to execute on our mission to provide much-needed banking services to an underserved market and increase the widespread adoption of this asset class.”

BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc.

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