BankProv to Scale Digital Asset Lending with Expansion of Specialty Lending Team
BankProv, the first bank in the industry to extend a line of credit backed by Ether, has doubled down on its focus to address the digital assets' market need for accessible USD for crypto-heavy borrowers.
AMESBURY, Mass., Sept. 13, 2021 /PRNewswire/ --Â BankProv, an innovative, commercial bank that finds solutions for business and private clients, is expanding its Specialty Lending team to include Ryan Fox, Assistant Vice President, Specialty Lending, as the Bank pushes its full-service offering for the cryptocurrency community to the next level.
BankProv, the first bank in the industry to extend a line of credit backed by Ether, has doubled down on its focus to address the digital assets' market need for accessible USD for crypto-heavy borrowers. In his new role, Fox will offer crypto-backed lending options to digital asset companies, allowing their investors to meet their USD needs without liquidating their holdings. Fox will also specialize in providing equipment and infrastructure loans to scale crypto mining operations, as well as procuring senior debt capital to individuals and funds through the search fund lending model.
"I'm excited to work in the innovative cryptocurrency space and to be on the forefront of the bank's newest ventures, in addition to utilizing my background as a former business owner to work with entrepreneurs on their acquisitions," said Fox.
Fox joined BankProv in November 2020, having spent most of his career at William Fox & Co., a family-owned business in Washington, D.C. His experience owning and managing a small business for more than a decade gives him the first-hand insight, knowledge and understanding of the challenges that face business owners daily. Ryan is graduate of Franklin & Marshall College and has also held positions at Alternative Care at Home and Dolly Road Partners.
"Since joining the lending team at BankProv, Ryan has demonstrated a unique ability to apply his real-world experience to create flexible and unique deal structures for our specialty clients, which will prove invaluable as we continue to partner with the top companies in this space," said Joe Kenney, EVP, Director of Commercial Lending.
For more information, visit bankprov.com.
About BankProv
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 loans. We are committed to offering state-of-the-art APIs (application programming interfaces) for all business clients and BaaS (Bank as a Service) partners. Through our offerings, BankProv insures 100% of deposits through a combination of insurance provided by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF).
Press Contact: Carie Kelly, SVP, Virtual Banking
Phone: (978) 834-8583
Email: [email protected]
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SOURCE The Provident Bank
