Customers Bancorp has hired a team of digital banking experts from Silvergate Capital to help the West Reading, Pa., company build out its commercial cryptocurrency business.
The $19 billion-asset company said in a press release Thursday that it added seven bankers with experience in business development, technology, onboarding, payments and Bank Secrecy Act compliance.
“We made the commitment to be one of the top financial institutions serving commercial cryptocurrency and digital asset institutions and we understand all requirements, pitfalls and the possibilities for crypto customers,” Sam Sidhu, the company’s president and CEO, said in the release.
“These clients require a financial partner that has the technology and agility to scale with their requirements throughout the entire ecosystem, not just in one or two aspects of their business,” Sidhu added.
The company hired Robb Layfield to serve as managing director of digital assets and Dan Devine as senior vice president of digital asset product development.
Customers completed a soft launch of Customers Bank Instant Token (CBIT) in the fourth quarter that focused on 25 clients with $1.5 billion of noninterest-bearing deposits.