Quontic Bank Gives BTC To Its Staff-Starts Accepting Bitcoin Clients

Quontic Bank in New York City started doing business with the crypto companies and is now among the shortlist of US financial institutions to embrace the sector so let’s find out more about it in the latest cryptocurrency news today.

Quontic Bank opened a checking account for Bitcoin ATM company just a couple of weeks ago and it is currently in the process of completing a contract to deliver banking services with another crypto startup. The Bank still won’t give up the name of the client but only stated:

 “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’’

The Chief executive of the Quontic bank Steven Schnall said that he acquired the bank back in 2009 and he is now looking to diversify products offerings. While he did not say how big he wants the bank to become, he claimed that the pending contract will have a huge impact on more than millions of Americans. The crypto-friendly banks are very rare mainly because of the extra work that has to go through complying with know-your-customer and anti-money laundering policies and regulations. The head of Blockchain and digital assets practice at the Linklater law firm stated:

 “Banks and other financial institutions have to look out for any suspicious activity. If you have a startup that raised money doing an ICO and didn’t do proper KYC or AML, that bank doesn’t know who the proceeds are from.”

The US banks which are willing to serve the sector include the Silvergate bank in California, and Signature bank along with Metropolitan Commercial in New York. Quontic is a similar institution as these mentioned above with only $420 million in assets which is only about 0.015 percent of the size of JPMorgan. Schnall is a longtime mortgage lender and he became very interested in Bitcoin when it was only worth a dollar. He then bought his first bitcoin at a price of $75 in 2013 and lost about 500 in the Mt.Gox debacle. The chief innovation officer at the Quontic bank Patrick Sells started educating Schnall on the technology behind bitcoin and he is one of the reasons why Schnell opened the bank and started offering crypto services.

Schnall and Sells started an ethereum mining operation which was independent of Quontic back in January 2018 and even came close to launching their own cryptocurrency aside from the bank named QCoin as reported in some of the best cryptocurrency news sites.