First Community Bank is a small bank in the Clovis Canyon community.
Its founders say it is the first bank in Clovid, NV, to accept Bitcoin, and they’ve partnered with CoinDesk to help spread the word about the digital currency.
The Cloviscan community bank was founded by Brian and Amy Smith, who both started their own banking operations in the community in 2016.
The couple decided to take a different approach to Bitcoin, offering it for $50 per day.
“Bitcoin has become a hot commodity,” Amy Smith told Business Insider.
“I feel like people need to know it’s a good investment.”
While the couple initially chose Bitcoin because they wanted to avoid the fees associated with banking, they realized that the currency would provide a more secure, and convenient way to do business.
“We were in the middle of a lot of other business and I knew I wanted to go a different route,” Brian Smith told Bitcoin Magazine.
“But I wanted people to know there’s a community bank that has the same kind of security that Bitcoin has, and that we’re not making this a money-making venture.”
The pair made the decision to accept Bitcoins to help offset the cost of operating a community banking business.
While it might not seem like much at first, they say it’s an important step.
“I’m a big believer in digital currencies,” Amy told Business Ink.
“If we don’t understand the implications of them, it’s hard to invest in them.”
While there are still some regulations surrounding the digital currencies, Amy and Brian Smith say that they are not afraid to use the technology.
“When we were looking for a new bank, we looked into Bitcoin because we had a feeling that it was going to be a safe, secure way to conduct business,” Amy said.
“The only thing we were worried about was, would it be regulated?”
After a few rounds of fundraising and some customer feedback, the couple opened their bank with the blessing of Clovish Community Bank Director Brian Hovde.
In the coming months, they will be opening their bank to other customers who are interested in using Bitcoin.
“There are some very good reasons to use Bitcoin,” Brian said.
“The fact that it’s decentralized is one of the things we’re focused on.”
When we talk about the future of the banking industry, Brian and his wife Amy are both confident that Cloviss Community Bank will be a leader in the digital banking space.
“Community banking is really about being able to be part of the solution and being part of something that’s happening in the world,” Amy added.
“You don’t want to be left out of the conversation.”