A Pennsylvania bank is continuing its journey down the crypto rabbit hole.
After announcing last month that it would serve cryptocurrency firms, Customers Bank is refreshing its brand and detailing how its CBIT token, a digital representation of cash, will function.
It’s more evidence that mainstream banks are looking to capitalize on the success of operations like Silvergate and Signature Bank, both of which offer real-time digital asset settlement networks.
Customers Bank allows its clients to exchange dollars in their accounts for CBITs, whereby greenbacks are deposited in an omnibus account that holds an equal number of dollars and CBIT tokens. Clients can then send and receive CBIT – transactions that settle in real time.
The bank has changed its logo from an American flag to a more high-tech image of interlinked rings. Sometimes companies undertake a techno rebrand for no apparent reason other than a change. However, in the case of Customers, it reflects years of development work to make its crypto aspirations a reality.
“We had to think about our more institutional business lines and our national presence as a tech-forward bank,” CEO Sam Sidhu said in an interview. “So, not only for our existing commercial and consumer customers, but also for our fintech customers, and now emerging for our digital asset and crypto customers through our real-time payments platform.”
Customers Bank, a $19.1 billion subsidiary of Customers Bancorp, announced $1.5 billion of zero-cost deposits from crypto businesses in this year’s third quarter earnings report issued Oct. 28.
The success of the CBIT token may even draw parallels with JPMorgan’s internal settlement token, JPM Coin, even though Customers is just 0.52% the size of the New York-based megabank.
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