Five Star Bank and NYDIG Announce Partnership to Bring Safe and Secure Integrated Bitcoin

Five Star Bank, a subsidiary of Financial Institutions, Inc., is pleased to announce a new partnership with NYDIG, a leading bitcoin company.

As a premier provider of consumer and commercial lending services across the Southern Tier, Finger Lakes, and Western regions of New York, the Bank will become one of the first financial institutions in the U.S. to enable its banking clients to securely buy, sell and hold bitcoin, powered by NYDIG.

The Bank will enable customers to transact bitcoin securely through its banking mobile app and online banking platform and will help them overcome barriers to adoption such as crypto wallets and key management, which are often traditionally done through unregulated entities. Five Star Bank account holders are anticipated to be eligible to transact bitcoin seamlessly and securely by the end of the second quarter.

Martin K. Birmingham, CEO of Five Star Bank

“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.” “Thanks to NYDIG, we are creating a safe, efficient, and more user-friendly way for our customers to manage their digital transactions. Customer experience continues to be at the forefront of our focus at Five Star Bank, and we’re proud to bring forth a crypto currency investment solution that will broaden access to this emerging portfolio option for consumers within our geographic footprint and, frankly, across the country.” NYDIG’s Bitcoin platform meets the industry’s highest regulatory, audit, and governance standards, enabling financial institutions, like Five Star Bank, to maintain strict compliance programs, while enhancing the digital banking experience for customers. NYDIG’s full-stack Bitcoin platform will create a secure and compliant environment for account holders to manage their bitcoin investments and check their balances alongside their traditional financial assets which is particularly innovative not only for the financial institution but the banking industry.

Sean Willett, chief administrative officer, Five Star Bank said:

“We knew it was in the best interest of our customers to build upon our digital service menu in a way that better supports their interests, including an investment appetite for cryptocurrency. This is an area of the market that we have all seen grow exponentially over the last several years.” “Some early investors have jumped into crypto headfirst, while most consumers have expressed an interest in a more secure and reliable way to transact bitcoin. We’re proud to be a part of that solution and view our partnership with NYDIG to be just one of much upcoming technology and banking-as-a-service innovations that will drive Five Star Bank forward.”

Five Star Bank plans to begin the rollout of Bitcoin services starting with an initial phase-in during the second quarter of this year. More details on timing and rollout will be made available in the near future.

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