Fintech Launches Crypto Bank Account For Hispanics

A West Hollywood-based fintech announced it was launching a banking program on December 20 aimed at building Hispanic wealth through stakes in the crypto industry.
Assembled Financial Technology’s new Anda bank account is a “digital banking solution” that offers the benefits of a low-cost digital bank account insured by the Federal Deposit Insurance Corp. and a loyalty program with a cryptocurrency component. Anda is structured to help the Hispanic community enter the digital and crypto economy, according to a statement from the company on the rollout of the program.


Assembled Financial chief executive Michael Keeslar said that despite the global proliferation of digital banking products over the past decade, little has been built around creating services and solutions for the largest minority group. largest and fastest growing in the country.
Half of Assembled Financial’s staff are Hispanic, according to the company, and 80% are minorities.


“The Anda (bank account) kicks off customers’ journey to financial freedom by creating a bridge between day-to-day banking and the cryptocurrency frontier, managed in a single app,” Keeslar said. “The traditional banking business model has fundamentally changed, driven by new and innovative technologies and changing customer expectations. “


The new banking program allows customers to earn Moves tokens when depositing funds. By staking these tokens – a crypto-banking process in which customers pledge their holdings to support the blockchain network – Anda’s customers can double the number of tokens they receive in a year.


Liz Sanchez, chief marketing officer of Assembled Financial, said in a statement that these Moves tokens allow customers to “interact with cryptocurrency” in addition to earning cash and other typical banking bonuses.


“Hispanics are eager to learn more and participate in the crypto economy,” Sanchez said. “To help Hispanic individuals and communities adapt to new financial technologies, Anda offers an easy-to-understand digital application with tools and resources. “


The Anda Bank Account is a deposit account provided by South Dakota-based MetaBank in partnership with Assembled Financial.
Assembled Financial was formed in 2020 through a partnership between Assembled Brands and blockchain-focused IT department Fractal Technology to “improve the small business lending process.”


Originally created to help small businesses and banks forgive P3s, Assembled Financial describes its software as a tool that “seamlessly enables automated connections between applicants and lenders.”

For reprint and license requests for this article, CLICK HERE.