Five-star bank to become a bitcoin exchange
Five-Star Bank will launch a bitcoin trading platform to allow bitcoin users to make deposits, withdraw cash and buy bitcoins.
The company said that it will be launching a “real-time” platform that will enable customers to trade bitcoin and fiat currencies for other assets, including gold and silver.
The launch of bitcoin futures, which are regulated as derivatives and have not been approved for trading on a public exchange, will help the bank’s customers “exchange bitcoin for gold, silver, gold, copper, gold and platinum.”
Five-STAR bank has been a leader in the bitcoin space for several years and its founders and co-founder are known for their work with bitcoin.
Five-Stars main focus is on building a business model that can leverage bitcoin as a way to “exercise the freedom to be able to engage in business as usual, and to engage on the bitcoin platform, without being beholden to a government.”
Five Star Bank, which was founded in March 2018, has raised $30 million in a Series B round led by Goldman Sachs and Andreessen Horowitz.
Five Star will focus on “integrating bitcoin into existing financial products and services,” according to the company’s announcement.
The platform will allow users to buy and sell bitcoin, and buy or sell fiat currencies, including the euro, the dollar, the yen and the Australian dollar.
Five Stars main focus will be “integration into existing banking products and operations,” according a statement from the bank.
“We will continue to focus on building products that are designed to work with the bitcoin protocol to allow users the freedom and flexibility to engage and transact in the virtual currency space.”
Five star said in a statement that it intends to provide a real-time platform that can be accessed through a mobile app or website, enabling the bank to sell bitcoin and other cryptocurrencies in a “competitive market.”