On Tuesday, Five Star Bank, which is a subsidiary of Financial Institutions, Inc. (NASDAQ:FISI), announced a new partnership with NYDIG, through which it will “become one of the first financial institutions in the U.S. to enable its banking clients to securely buy, sell and hold bitcoin.”
Five Star Bank is “a $5 billion community bank offering a wide range of consumer and commercial banking and lending services to individuals, municipalities, and businesses through a network of approximately 50 locations.”
NYDIG is “a subsidiary of Stone Ridge, a holding company that has led the creation of forward-thinking firms across the worlds of technology and finance, including a $12B+ alternatives asset manager.” It provides “Bitcoin products across industries, from banking and insurance to fintech and nonprofits.”
Martin K. Birmingham, CEO of Five Star Bank, had this to say:
“We are thrilled to introduce a new—and trusted—digital banking option for customers to effortlessly acquire, sell, hold, and manage bitcoin alongside their traditional financial assets.