ConnectOne Bank Announces Membership in USDF Consortium
March 09 2022 - 11:30AM
ConnectOne Bank, the insured depository subsidiary of ConnectOne
Bancorp, Inc. (NASDAQ: CNOB), announced today its membership in the
USDF Consortium, an association of FDIC-insured financial
institutions with a mission to build a network of banks to further
the adoption and interoperability of USDF – a tokenized deposit.
ConnectOne joins other industry leading banks in the Consortium,
who will facilitate and promote the use of USDF.
“ConnectOne Bank’s participation in the USDF Consortium supports
our strategy of building leading commercial banking solutions
supported by innovative technology,” said ConnectOne Bank’s
Chairman & CEO, Frank Sorrentino III. “We believe that
employing blockchain within the regulatory perimeter, allows us to
build effective and secure solutions for our clients that meet the
demands of their changing businesses. We look forward to working
alongside industry-leading banks in unlocking the opportunities
that blockchain can provide.”
ConnectOne Bank, joined by Amerant Bank and Primis Bank in
today’s announcement, have joined the founding members in building
a network of banks to further the adoption and interoperability of
a bank-minted tokenized deposit that will facilitate the compliant
transfer of value on blockchain.
The growth is just one step for the Consortium, which is giving
banks and their customers a way to leverage the potential of
blockchain technology, including providing faster, less expensive
digital transactions.
“The increase in membership is a testament to the Consortium’s
ability to provide in-depth guidance and connect banks with
turn-key technology solutions as well as the transformative role
that blockchain payment rails can play in financial services,” said
Ashley Harris, Chair of the USDF Consortium.
The USDF token is minted exclusively by U.S. FDIC-insured banks
and represents a deposit at a USDF Consortium bank.
About ConnectOne BankConnectOne Bank,
a subsidiary of ConnectOne Bancorp, Inc. (NASDAQ: CNOB)
is a leading commercial bank with total assets in excess of $8
Billion. ConnectOne offers a full suite of banking and lending
services to commercial, small business and consumer clients.
Founded by an entrepreneur, ConnectOne combines leading
digital solutions with high-level service to offer an unparalleled
experience to its clients.www.ConnectOneBank.com
About USDF Consortium The USDF Consortium is a
membership-based association of FDIC-insured banks. The
Consortium's mission is to build a network of banks and further the
adoption and interoperability of a bank-minted tokenized deposit
(USDF™), which will facilitate the compliant transfer of value on
the blockchain, removing friction in the financial system and
unlocking the financial opportunities that blockchain and digital
transactions can provide to a greater network of users. To learn
more, please visit the Consortium's website at
www.usdfconsortium.com.
Media Contact: Sutton Resler,
MWW
571.236.4966: sresler@mww.com
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