BankFirst Financial Services has signed a deal to acquire Matrix Financial Services, a blockchain and crypto-backed digital asset trading platform.
In addition to providing financial services to banks, Matrix Financial will provide its trading platform to financial institutions.
In this new arrangement, BankFirst will become the affiliate of the new Bancorporation of the Americas (BBA), an organization which has the authority to create and regulate cryptocurrency trading platforms.
In a statement, Bankfirst said, “Bancor is an emerging blockchain platform that offers the financial services and market infrastructure needed to enable digital assets to trade on the Ethereum blockchain.”
Bancorp is now one of the world’s largest banks with assets of $4.3 trillion.
In 2018, the bank was the first company to list the Bancuror token on its public Ethereum wallet.
BankFirst will remain in business, with the bank’s board now set to vote on the transaction.
The announcement follows a recent announcement by BankFirst that it would invest $100 million in Bancorracks, a bitcoin and blockchain startup, in order to build the company’s own blockchain platform.
Bank First is currently the second-largest bitcoin trading platform, behind only Coinbase.