First Foundation Inc. has announced in a press release an investment in Bitcoin and crypto solutions firm NYDIG. The two have also announced a partnership that will give First Foundation clients access to Bitcoin-related products.
First Foundation's CEO, Scott F. Kavanaugh, said “We believe digital assets are an important part of the future landscape of financial services and we are pleased to be a part of its evolution as we seek to serve the growing needs of our clients.”
“NYDIG is at the forefront of the industry from a regulatory and security perspective which makes them the perfect partner as we seek to help bring Bitcoin solutions into the mainstream. Today’s announcement marks an important step towards establishing ourselves as one of the first Bitcoin-friendly regional banks in the country," Kavanaugh added.
First Foundation Inc. is a large financial services company with two wholly-owned subsidiaries known as First Foundation Advisors and First Foundation Bank.
Combined, its assets under management total $11.9 billion as of 12/32/20. Now, the company wishes to give its clients exposure to Bitcoin-related products with the help of its NYDIG investment and partnership.
"Through its work with NYDIG, First Foundation hopes to establish itself as a key resource for clients wanting to access and use digital assets," the press release noted.
“First Foundation's grasp of the fast-evolving financial landscape is a model for all banks,” said Patrick Sells, Head of Bank Solutions for NYDIG. “They understand that Bitcoin is not only mainstream but a critical component of the future of finance and that banks must be able to holistically serve both their customers’ fiat and Bitcoin needs. First Foundation’s investment in NYDIG is a testament to their commitment to Bitcoin and to the strength of the partnership.”
First Foundation will also be working with Fiserv, its core processing provider, who will help to incorporate Bitcoin into its existing banking environment.
“Cryptocurrency, including Bitcoin, is an emerging asset class that is piquing more mainstream consumer interest,” said Byron Vielehr, Chief Digital and Data Officer at Fiserv. “First Foundation is ahead of the curve in providing customers with simple, integrated management of traditional and cryptocurrency via their existing digital banking accounts.”