Customers Bancorp signs up its first institutional cryptocurrency clients

Customers Bancorp's (CUBI +1.2%) bank subsidiary identifies several of its first institutional cryptocurrency clients as it seeks to build a service in providing a fiat currency "on and off ramp" for institutional clients in the crypto ecosystem. Customers Bank (NYSE:CUBI) has onboarded key exchanges, OTC desks, funds, liquidity providers and other enterprise grade businesses in its ecosystem, the company said. Among them are: digital currency prime brokerage Genesis Global Trading; digital asset trading platform Blockfills; GSR, a digital asset trading company; and SFOX a crypto meta-exchange. Customers Bank is using its branded CBIT token to transmit U.S. dollars between commercial banking customers. The token is used with the TassatPay payments platform to execute blockchain-backed, real-time B2B payments between two Customers Bank clients. Sam Sidhu, president and CEO of Customers Bank said he believes that the number of cryptocurrency/digital asset clients and the volume of transactions will grow exponentially in the