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The Amesbury, Massachusetts-based Bankprov, a subsidiary of Provident Bancorp, has announced that it will no longer provide loans secured by cryptocurrency mining rigs. In a filing with the U.S. Securities and Exchange Commission (EX-99.1), Bankprov stated that revenue from its digital asset loan portfolio will continue to decrease as the
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The crypto-friendly bank wrote off $47.9 million in loans, primarily mining rig-collateralized debt. Original Source
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“This is what we call our colo-light strategy, wherein Blockmetrix partners with an industry-leading colocation developer and operator by contributing equity and functioning as an anchor tenant for the new venture,” Bannister said, adding that the JV partner will provide all of the developmental and operational expertise. “This allows Blockmetrix
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