BankProv Partners with Rocketplace to Support Crypto Trading Platform with Traditional Banking Payment Rails

AMESBURY, Mass., March 2, 2022 /PRNewswire/ — BankProv, a future-ready commercial bank that offers adaptive and technology-first banking solutions to emerging industries, has partnered with Rocketplace, a California-based cryptocurrency exchange, to provide Banking-as-a-Service infrastructure and crypto-friendly banking solutions for its latest digital asset platform.

Through this partnership, Rocketplace will utilize BankProv’s innovative Banking as a Service (BaaS) offering to support its need for access to core banking services, including white-labeled deposit products and payment rails. BankProv will power On and Off-Ramps to bridge the gateway from fiat (USD)-crypto, allowing Rocketplace users to quickly deposit, trade, and withdraw funds. Together, they are combining the benefits of Rocketplace’s 24/7, commission-free cryptocurrency exchange with traditional banking features to deliver a seamless investment management experience.

Rocketplace will integrate BankProv’s deposit and payment services directly into its digital asset trading platform and utilize Modern Treasury, a payment operations platform driving faster, more efficient payments and reconciliation

“Digitally native consumers are demonstrating a clear preference for services that offer speed and trust,” said Louis Beryl, CEO at Rocketplace. “By partnering with BankProv, Rocketplace is equipped to meet this consumer demand through instant deposits and fast, commission-free trading of their favorite cryptocurrencies.”

Whether you’re a first-time trader or a seasoned pro, Rocketplace takes the guesswork out of buying and selling cryptocurrency while making it easy to buy, sell, and trade Bitcoin and cryptocurrency 24/7 from one single profile. Founded by Louis Beryl and Benjamin Hutchinson, Rocketplace believes that cryptocurrencies are an asset class that should be approachable to all investors. The platform takes a “learn while you earn” approach by offering regular research and articles to help their users navigate the industry so users can toggle less and invest smarter.

“Rocketplace’s commission-free trading will change the game for digital asset platforms” said Dave Mansfield, CEO of BankProv. “This partnership is one of the first in the industry to support a crypto-related business with banking as a service solution – further solidifying our mission to provide much-needed banking services to the industry.”

About Rocketplace

Based in Palo Alto, Rocketplace is a cryptocurrency platform serving retail investors in the United States. Rocketplace offers simple trading tools, commission-free buying and selling, free industry research, same-day trading for new users, and a customer service team comprised of people, not chatbots. Rocketplace is backed by investors including Accomplice VC, Better Tomorrow Ventures, Quiet Capital, Combine VC, Goat Capital, and Capital B. For more information about Rocketplace, please visit rocketplace.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). For more information, visit bankprov.com.

Forward-Looking Statements

Certain statements contained herein constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Such statements may be identified by words such as “may,” “will,” “would,” “intend,” “believe,” “expect,” “plan,” “estimate,” “anticipate,” “continue,” or similar terms or variations on those terms, or the negative of those terms. These statements are based upon the current beliefs and expectations of Company management and are subject to significant risks and uncertainties. Actual results may differ materially from those set forth in the forward-looking statements as a result of numerous factors.  Factors that could cause such differences to exist include, but are not limited to: the effects of any pandemic disease, natural disaster, war, act of terrorism, accident, or similar action or event; those related to the real estate and economic environment, particularly in the market areas in which the Company operates; fiscal and monetary policies of the U.S. Government; changes in government regulations affecting financial institutions, including regulatory compliance costs and capital requirements; fluctuations in the adequacy of loan loss reserves; decreases in deposit levels necessitating increased borrowing to fund loans and investments; operational risks including, but not limited to, cybersecurity, fraud and natural disasters; the risk that the Company may not be successful in the implementation of its business strategy; changes in prevailing interest rates; credit risk management; asset-liability management; and other risks described in the Company’s filings with the Securities and Exchange Commission, which are available at the SEC’s website, www.sec.gov.

The Company wishes to caution readers not to place undue reliance on any such forward looking statements, which speak only as of the date made. The Company wishes to advise readers that the factors listed above or other factors could affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements. The Company does not undertake and specifically disclaims any obligation to publicly release the results of any revisions, which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Press Contact: Rachelle Petersen
Phone: 603-334-1255  
Email: rpetersen@bankprov.com

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SOURCE BankProv