Crypto Bank Operates in the US
New York — Quontic Bank has begun offering its banking services to crypto companies in the US. It joins a very small ground of traditional financial institutions actively working with the cryptocurrency industry, joining Silvergate, Signature, and Metropolitan Commercial. Banks have been hesitant to work with crypto companies in part due to the lack of regulations and direction by the SEC and other government bodies.
The CEO, Steve Schnall, has been interested in Bitcoin since it was $1.00. He built a personal Ethereum mining rig in 2008 before acquiring Quontic in 2009. Quontic is very selective in the crypto companies it works with, putting each through a vetting process before an account can be opened.