What is customers bank's CBIT token?

A Pennsylvania bank is continuing its journey down the crypto rabbit hole. After announcing last month that it would serve cryptocurrency firms, Customers Bank is refreshing its brand and detailing how its CBIT token, a digital representation of cash, will function.

What is the crypto bank?

The crypto bank will offer saving, lending and trading services. Soon after its launch around Independence Day, the bank has plans to allow its users to open a fixed deposit (FD) or recurring deposit (RD) in Bitcoin and other cryptocurrencies, just like bank FDs. The FD in crypto will have a specific maturity period.

What is customers bank instant token?

In November, Customers Bank launched Customers Bank Instant Token to convey U.S. dollars between its commercial banking customers as a payment instrument. The blockchain-backed business-to-business payment platform has attracted cryptocurrency businesses to settle payments via Customers Bank.

Will customers bank make loans in cryptocurrency?

Customers Bank sees the possibility in the future that it would make loans in cryptocurrency directly or in a stablecoin, Smalley said. Customers Bank has kept its regulators informed in a dozen conversations, from when it first had the idea of this product, Cunningham said.