Customers Bank, a US community bank, has now confirmed that it has hired a group of new employees to increase the depth and expertise of its budding digital asset banking venture.
The seven new team members were recruited from Silvergate Capital. They consist of professionals from across payments, onboarding, business development, BSA, technology, and compliance.
The president and chief executive officer of Customers Bank, Sam Sidhu, said:
“We made the commitment to be one of the top financial institutions serving commercial cryptocurrency and digital asset institutions and we understand all requirements, pitfalls and the possibilities for crypto customers. These clients require a financial partner that has the technology and agility to scale with their requirements throughout the entire ecosystem, not just in one or two aspects of their business.”
Customers Bank Committed To Invest In Crypto
The Pennsylvania-based Customers Bank indicated its intention to compete in the virtual asset sector in October 2021, partnering with and onboarding crypto companies as clients and launching an instantaneous crypto-to-USD payments platform using the bank’s internal digital fiat token. Sidhu added:
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“Our investment in building out the best crypto and digital asset team signals we are a serious participant in this space and committed to this business line for the long term. The corresponding increase in our share price since the launch of our Customers Bank Instant Token (CBITTM) is helping us drive and return value to our investors.”
Customers Bank recruited Robb Layfield to work as the managing director, Digital Assets and also trained Dan Devine to work as SVP, Digital Asset Product Development. Also, five other executives were trained to make up the existing team and grow on the bank’s wide coverage of the cryptocurrency space.
Managing director and head of digital banking at Customers Bank, Christopher Smalley, commented:
“We have had a successful soft launch of CBITTM in the fourth quarter of 2021 led by $1.5 billion of non-interest bearing deposit growth, which was limited to 25 commercial clients. In the first quarter of 2022, we will continue expanding our crypto and digital asset customers’ base, the products that serve them, and our associated deposits.”