BankProv, the 10th oldest existing bank in the United States has announced a partnership with Rocketplace, a California-based cryptocurrency exchange, to provide Banking-as-a-Service infrastructure and crypto-friendly banking solutions for its crypto trading platform.
Rocketplace, a cryptocurrency platform serving retail investors in the United States. will utilize BankProv's Banking as a Service (BaaS) offering to support its need for access to core banking services, including white-labeled deposit products and payment rails.
BankProv, legally operating as The Provident Bank since its founding in 1828, and a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC), will power On and Off-Ramps to bridge the gateway from fiat (USD)-crypto, allowing Rocketplace users to quickly deposit, trade and withdraw funds.
Louis Beryl, the CEO and Co-Founder of Palo Alto-based Rocketplace, said: "Digitally native consumers are demonstrating a clear preference for services that offer speed and trust.
"By partnering with BankProv, Rocketplace is equipped to meet this consumer demand through instant deposits and fast, commission-free trading of their favorite cryptocurrencies."
Dave Mansfield, the CEO of BankProv, added: "Rocketplace's commission-free trading will change the game for digital asset platforms.
"This partnership is one of the first in the industry to support a crypto-related business with banking as a service solution – further solidifying our mission to provide much-needed banking services to the industry."
