BankProv Joins Forces with Fortress Trust to Create a Strong Regulatory and Financial Foundation for Web3 Innovators to Launch
AMESBURY, Mass., Aug. 4, 2022 /PRNewswire/ -- BankProv (NASDAQ: PVBC), a future-ready commercial bank offering adaptive and technology-first banking solutions to emerging industries, announced today a new Banking-as-a-Service (BaaS) partnership with Fortress Trust, a Web3 infrastructure company, and Treasury Prime, a leading BaaS technology provider. Through this partnership, Fortress will launch its advanced NFT, crypto, fiat, and alt-asset infrastructure and custody services, with fiat services provided by BankProv.
The Fortress platform will offer APIs where users can buy, sell, store, and gift NFTs and other assets in one simple to-use, secure location. Fortress will provide a variety of services, including accounts where users can receive royalties directly into Royalty Escrow Accounts. Through the platform, artists, athletes, agents and publishers all have "read only" access to the Royalty Accounts, providing full transparency and ensuring everyone who is supposed to get paid, gets paid.
BankProv will assist in providing technical and operational support utilizing its fully integrated API suite with Treasury Prime. Treasury Prime's API layer will connect applications to BankProv's infrastructure. This gives crypto and blockchain companies working through Treasury Prime's API software the ability to create a payments ecosystem customized to their platform, streamlining the transaction process.
"BankProv is one of a few banks in the nation to establish depository services for crypto-related businesses," said Albert Forkner, CEO of Fortress Trust and former Banking Commissioner of Wyoming. "Their proven track record with supporting businesses in the digital asset space with insured deposit products and BaaS services will provide our end users with an even better experience."
"BankProv is an innovative financial institution with industry leading products designed to meet the needs of the crypto and digital asset industry," said Chris Dean, co-Founder and CEO of Treasury Prime. "We believe that in partnership, we have the capabilities to easily and seamlessly deliver institutional-level services to this burgeoning crypto sector."
Currently, Fortress supports over 200 types of blockchain assets, as well as fiat and securities, including NFTs minted on Ethereum, Polygon, and Solana and will soon be adding BSC and other blockchains.
"Fortress brings a breadth of expertise across the regulatory and crypto industry with its leadership team," said Dave Mansfield, CEO of BankProv. "We are thrilled to partner with a team that has their depth of knowledge and compliance-oriented mindset. Their best-in-class platform security combined with their unique product offering creates a truly enterprise-grade product."
BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVBC). BankProv is a future-ready commercial bank for corporate clients, specializing in offering adaptive and technology-first banking solutions to niche markets, including cryptocurrency, renewable energy, fin-tech and enterprise value lending with a focus on search fund and sponsor finance acquisition loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Banking-as-a-Service) partners. Through our offerings, BankProv insures 100% of deposits in the event of bank failure through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). For more information, visit bankprov.com.
About Fortress Blockchain Technologies
Fortress Blockchain Technologies is a software development firm and holding company that is purpose-built to create financial, regulatory and technology infrastructure for the rapidly emerging Web3 space. Fortress Trust Company is a wholly-owned subsidiary of Fortress Blockchain Technologies and is a full-retail Nevada-chartered financial institution.
About Treasury Prime
Treasury Prime is modernizing the API banking and technology systems to deliver new value to everyone: consumers, businesses, financial technology companies, and banks. Banking as a Service takes banking beyond banks. Fintechs are developing financial offerings to reach new markets and embedding banking services in their applications. Fintechs need a banking partner who can help them with the complexities of money transfer, risk mitigation, and access to a chartered bank's infrastructure, so they can focus on what matters most: building their business. For banks, these relationships bring new opportunities and channels to grow topline revenue and lower the cost of deposits.
Fortress Blockchain Technologies is not a bank. Banking services provided by BankProv (legally, The Provident Bank) Member FDIC / Member DIF. The FDIC insures each bank depositor up to $250,000, based on deposit insurance rules. The Depositors Insurance Fund (DIF) insures all deposits above the FDIC depositor limit when placed with BankProv. Crypto assets are not insured by the FDIC, may lose value, and are not deposits or other obligations of the Bank and are not guaranteed by the Bank.
Press Contact: Tricia Peters, Vice President of Marketing
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