October 4, 2022


News and Update

Elevate Your Banking Expectations With First Business Bank

For years, banks have been solely a traditional service provider offering things like savings accounts, checking accounts, and credit cards. However, the industry is undergoing a rapid transformation as new fintech companies are coming to market with innovative tools to better serve their customers. First Business Bank is one of these new entrants in the banking space, and they will soon be offering consumers what no other bank can offer: cryptocurrency loans.

This article provides an overview of First Business Bank and how it aims to change the old ways of banking into something that is more accessible for everyone. This article also provides an overview of how cryptocurrency loans work from both a consumer/borrower perspective as well as from an institutional perspective such as through FSB’s crowdfunding platform.

Elevate Your Banking Expectations With First Business Bank

First Business Bank (FBB) is a new startup with a very different focus than traditional banks. The bank has set its sights on the cryptocurrency space by offering loans to the cryptosphere. Rather than simply taking deposits, FSB will offer crypto-focused loans and cryptocurrencies as collateral. This may seem counterintuitive at first, but it actually makes perfect sense as FSB aims to capitalize on the growing popularity of cryptocurrency (and Blockchain technology in general). While traditional banks have shied away from crypto lending due to uncertainty, FSB looks to go in the opposite direction, treating cryptocurrency like any other asset. This will allow crypto-related business owners to continue growing their businesses without having to choose between their business or Bitcoin.

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This new service will be powered by Blockchain technology, which is perhaps the biggest innovation since the internet itself. Blockchain technology has a number of applications that can revolutionize the current banking system in a positive way for consumers, business owners, and investors alike. Banks like FSB are leading the charge against traditional banks by leveraging this revolutionary technology.

Digitizing Traditional Banking

Blockchain technology is an open-source ledger that allows anyone to see every digital transaction that has ever occurred through this Blockchain network. Anyone can open a “public account” and view all of the transactions that occur with all of the wallets associated with this account. This ability to see every transaction that occurs within the Blockchain essentially eliminates third-party services, such as payment processing companies, and allows for near-instant payments along with a low-cost peer to peer exchange (no middle man = lower transaction costs).

While Bitcoin is perhaps the most widely known use case of Blockchain technology, there are many other “altcoins” (cryptocurrencies other than Bitcoin) that have been created to address certain shortcomings in Bitcoin’s usage and functionality. For example, Litecoin is a faster, more efficient version of Bitcoin which allows for quicker transactions with lower fees. Dash operates on a two-tier network that provides additional privacy through the optional use of “mixers”, services that remove the link between the sender and receiver’s address to further ensure privacy.

While these altcoins have been around for years, they really have not been able to compete with Bitcoin; however, Blockchain technology is what sets cryptocurrency apart from traditional banking and there are a few ways in which this will change the financial system as we know it.

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You can read more about the advantages of cryptocurrency here.

Traditional bank loans are handled by banks. While traditional banks have made it easier for people to receive loans with low or no collateral, these debts are often very difficult to pay back with poor interest rates and high risk penalties. Banks today rely on the collateral in order to cover any losses should the borrower default on the loan obligations. This can be problematic in the case where a client borrows too much money and must sell their assets to pay off their debt, thus reducing their net worth.


While traditional banks have seen their profits and stock prices tank during the last decade, new companies are emerging that are working towards creating a new model of banking. Through the use of technology and innovative models, these new companies like First Business Bank can help bring the benefits of cryptocurrency to everyday consumers.