- Quontic opens doors to crypto firms amid regulatory uncertainty.
- CEO Schnall believes this early entrance will give them a head start.
Banking support for cryptocurrency firms is steadily gaining traction around the world. The latest is a small New York City-based bank referred to as Quontic. The bank, according to a report by Coin Desk, has decided to accord support to cryptocurrency companies.
According to CoinDesk the CEO of the bank Steve Schnall, says that regulatory framework is still not clear in the US. Especially when it comes to collaborations between banks and crypto-related companies. He, however, believes that entering the gray area as early as this will give the bank a stronger foundation at the time the regulations become clearer.
“We’re just taking steps so that when the regulatory environment becomes more crypto-friendly, we don’t have a lot of catching up to do.”
Schnall added:
“We’re looking to diversify our product offering and our customer mix by entering into that field.”
Moreover, this support is likely to attract a number of significant crypto players as customers to the bank especially at the time when this kind of support is scarce.
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