On Wednesday (February 10), Blue Ridge Bank announced that it has become the first U.S. commercial bank to allow its cardholders to “purchase and redeem” Bitcoin via ATMs.
Blue Ridge Bank, N.A., is the wholly-owned banking subsidiary of Blue Ridge Bankshares, Inc. It provides “a wide range of financial services including retail and commercial banking, payroll, insurance, card payments, wholesale and retail mortgage lending, and government-guaranteed lending” through its subsidiaries and affiliates.
According to the bank’s press release, Brian K. Plum, Chief Executive Officer of Blue Ridge Bankshares, Inc. (NYSE American: BRBS), the parent company of Blue Ridge Bank, had this to say:
“Blue Ridge Bank is excited to continue its evolution to serve the growing needs of our current and future customers. The ATMs remain able to serve cash-based and inquiry activity, so this is simply layering on more services and reinforces our commitment to the future of banking for all customers.“
Blue Ridge Bank is able to offer Bitcoin to their customers thanks to a partnership with BluePoint ATM Solutions (which was founded in 2009 to “serve as a resource to community banks and credit unions”) and LibertyX (which “launched America’s first bitcoin ATM in 2014”).
Chris Yim, LibertyX Co-Founder and CEO, stated:
“We’re honored to work with Blue Ridge Bank and BluePoint. For years, consumers have been asking for the ability to buy bitcoin from their banks. We are proud that BRB is the first bank in the nation to offer bitcoin services on their ATMs. LibertyX provides consumers with the trust and ease of going to 8,500 ATMs at local convenience stores, pharmacies, and gas stations. Now they can also buy bitcoin at their local bank ATM.“
Jon Amar, an external spokesperson for Blue Ridge Bank’s parent company told Coindesk that the New York Stock Exchange (NYSE) halted trading of its stock (BRSB) on Wednesday:
“NYSE told us the company’s stock reacted to the news and due to the volatility, a Limit Up/Limit Down (LULD) trading halt was triggered. The LULD is a 5-minute trading pause. Currently, the stock is trading up approximately 5% on 75K shares vs. its 30 Day ADV of 10K shares.“
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.