BankProv stops offering loans collateralized with crypto mining machines

01/31 14:23

According to Coindesk, crypto-friendly BankProv has stopped offering loans collateralized with crypto mining machines and said its portfolio of digital-asset loans fell 50% in the fourth quarter as some impaired loans were sold on and a line of credit was repaid. The Massachusetts-based bank held $41.2 million in digital asset-related loans at the end of December. Of that, $26.7 million is collateralized with crypto mining machines, and the amount "will continue to decline as the Bank is no longer originating this type of loan," holding company Provident Bank (PVBC) said in a Tuesday filing with the U.S. Securities and Exchange Commission. BankProv had $1.42 billion of net loans in total at the end of December.

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