Home Technology BankProv partners with Fortress Trust to create a strong regulatory and financial foundation for the launch of Web3 innovators

BankProv partners with Fortress Trust to create a strong regulatory and financial foundation for the launch of Web3 innovators

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BankProv partners with Fortress Trust to create a strong regulatory and financial foundation for the launch of Web3 innovators

AMESBURY, Mass., August 4, 2022 /PRNewswire/ — BankProv (NASDAQ: PVCB), a future-ready commercial bank offering adaptive and technology banking solutions to emerging industries, today announced 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 feature APIs where users can buy, sell, store, and gift NFTs and other assets in one secure and easy-to-use 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 royalty accounts, providing full transparency and ensuring that everyone who is meant to be paid is paid.

BankProv will help provide technical and operational support using 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 PLC software the ability to create a payments ecosystem tailored to their platform, streamlining the transaction process.

“BankProv is one of the few banks in the country to establish deposit services for crypto related businesses,” said Albert ForkerCEO of Fortress Trust and former Bank Commissioner of Wyoming. “Their proven track record supporting businesses in the digital asset space with policyholders to pay BaaS products and services will provide our end users with an even better experience.”

“BankProv is an innovative financial institution with cutting-edge 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 provide institutional grade 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 add BSC and other blockchains.

“Fortress brings extensive expertise in the regulatory and crypto industry with its leadership team,” said David Mansfield, CEO of BankProv. “We are thrilled to partner with a team that has their deep knowledge and compliance-focused mindset. Their best-in-class platform security combined with their unique product offering creates a truly enterprise-grade product. “

About BankProv:

BankProv, legally operating as The Provident Bank, is a subsidiary of Provident Bancorp, Inc. (NASDAQ: PVCB). BankProv is a future-ready commercial bank for corporate clients, specializing in providing adaptive and technology banking solutions to niche markets, including cryptocurrency, renewable energy, fintech and retail lending. enterprise value, with an emphasis on research funds and sponsor financing acquisition loans. We are committed to offering state-of-the-art APIs (Application Programming Interfaces) to all of our business customers 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 company and holding company purpose-built to create financial, regulatory, and technology infrastructure for the burgeoning Web3 space. Fortress Trust Company is a wholly owned subsidiary of Fortress Blockchain Technologies and is a full retailer Nevada-chartered financial institution.

About Treasure Prime

Treasury Prime modernizes banking and technology API systems to deliver new value to everyone: consumers, businesses, fintechs and banks. Banking as a Service goes beyond banks. Fintechs are developing financial offers to reach new markets and integrating banking services into their applications. Fintechs need a banking partner who can help them navigate the complexities of moving money, mitigating risk, and accessing a chartered bank’s infrastructure, so they can focus on what matters most: growing their business. For banks, these relationships offer new opportunities and new channels to increase their revenues and reduce 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 every bank depositor up to $250,000, based on deposit insurance rules. The Depositor Insurance Fund (DIF) insures all deposits above the FDIC depositor limit when placed with BankProv. Crypto Assets are not FDIC insured, may lose value and are not deposits or other obligations of the Bank and are not guaranteed by the Bank.

Press contacts: Tricia Petersmarketing vice president
Phone: 480-253-8376
E-mail: [email protected]

SOURCE BankProv

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