15% Of Metropolitan Bank’s Deposits Are Owned By Crypto Investors

The popular commercial bank based in New York, Metropolitan Bank, recently revealed that more than 15% of the bank’s deposits are made by cryptocurrency investors and clients. The bank also said that they are willing to continue the support for digital asset traders.

The CTO of Metropolitan Bank, Nick Rosenberg, recently stated the following in an interview with Leigh Cuen of Coindesk:

“We’re certainly very interested in growing this vertical. We’ve learned that it’s a serious industry. There are some very smart people involved. There are some very interesting ideas coming out that could really change the way people do business.”

Rosenberg also admitted that the bank recently learned how serious the cryptocurrency market is and how important it is for banks to support it. On top of that, recognizing the rapid growth rate of digital asset exchanges and the entire market have made it harder for commercial banks to dismiss the cryptocurrency market and be left behind.

Joe Ciccolo who is the president of compliance service provider BitAML shared similar thoughts about banks adopting cryptocurrencies. He said that banks like Metropolitan Bank in the US and Shinhan Bank of South Korea must take the compliance risks involved in dealing with this growing industry.

In his own words, Ciccolo stated:

“It’s very difficult for a bank to maintain a pro-bitcoin stance. If you have a new officer come into a financial institution, they may take the opportunity to put a different stance on high-risk customers such as crypto companies,”

Currently, there are many major commercial banks who are aware that digital asset investors need places to store the billions of dollars that they own in a safe manner. This is where the cryptocurrency market comes as useful – especially in a period where many financial institutions are sitting on the sidelines.