A regional bank in Western New York is going to provide a Bitcoin product for investors.<\/p>\n
Five Star Bank, which is based in Wyoming County and has branches throughout the area, has announced a partnership with NYDIG, a Bitcoin company. It will allow Five Stars customers to take part in Bitcoin investments, which is part of a broader class of cryptocurrencies.<\/p>\n
Five Star Bank CEO Martin Birmingham said that his bank wanted to offer this product after getting feedback from their customers.<\/p>\n
Theres a very high interest generally in Bitcoin, said Birmingham. We see it reported every day in the financial press, and theres a big following. So, from a younger demographic, as well as a more affluent demographic, we heard feedback in terms of interest.<\/p>\n
Bitcoin and other cryptocurrencies can be a volatile investment, so Chinmay Jain, an assistant professor of finance at SUNY Geneseo, said it may be something a younger investor as opposed to someone close to retirement might consider.<\/p>\n
He also noted the banking industry is starting to explore offering Bitcoin type products, even when some executives, like the head of JP Morgan Chase, have expressed skepticism.<\/p>\n
A good example is JP Morgan CEO Jamie Dimon, said Jain. But they changed their stance completely, JP Morgan started investing in Bitcoin itself in 2018, so I think that trend is going to change.<\/p>\n
Five Star Bank says it will be one of the first financial institutions in the U.S. to offer Bitcoin to its clients, and it said it will do that through a secure online environment.<\/p>\n
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\nFive Star Bank to offer Bitcoin product - WXXI News<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"