Global fintech and blockchain company ALT 5 Sigma Inc. is partnering with a financial institution known as Bank Line to provide what can only be described as crypto-based brokerage services.
Bank Line and ALT 5 Join Hands Over Crypto
Bank Line is a crypto-friendly banking platform that provides a list of all financial institutions in the United States, the European Union, the United Kingdom, and Central and South America that willingly offer crypto services to their clients. ALT 5 has partnered with the company and is now offering several of its products – such as ALT 5 Liquidity and ALT 5 Pay – to the many customers of these establishments.
This is an important maneuver in the sense that for many years, the worlds of standard banking and crypto have been separate, primarily because banks are aware that crypto is gaining popularity and thus the space has the power to take away their authority. In addition, many banks have refused to take crypto seriously given that bitcoin and many of its altcoin counterparts have been subject to price swings that can make conditions difficult for investors.
However, as time has gone by, it appears many banks are beginning to warm up to crypto primarily because their customers continue to ask for digital currency-based services such as trading and custody. To keep their customers happy, many of these financial institutions have had no choice but to give in and offer their customers what they’re asking for. Thus, the space between traditional finance and digital currencies has become relatively thin in recent years.
Mark Ochab – president and CEO of Bank Line – said in a statement:
Alt 5 Sigma and Bank Line are a perfect fit. Bank Line is focused on delivering innovative technologies, banking, and related services to the BTM industry. The ALT 5 Sigma platform will allow our BTM customers to transform from a single purpose cash-based kiosk into a full-service exchange, delivering a comprehensive suite of services and payment options to their customers.
Richard Groome – the executive chairman of ALT 5 Sigma – also threw his two cents into the mix, commenting:
We look forward to working with the exciting team at Bank Line and their customers at creating more efficient and innovative products in the ever-changing land of digital assets.
Banks and Crypto Are Getting Closer
One of ALT 5’s products – known as Prime Enterprise – provides users with a Visa or Mastercard-branded credit card that can be utilized to purchase and store digital assets. Another product – ALT 5 Liquidity – gives customers access to the growing bitcoin ATM space so they can receive the top price executive through an OTC desk or FIX APIs.
All institutions operating through or in partnership with Bank Line offer full FDIC insurance, meaning if anything happens to the crypto or cash they store at these banks, they are in line to be fully reimbursed.