FLORIDA State University and the Happy State Banking Company have teamed up to create a new bank to provide financial services to Florida State students, faculty and staff, the university announced Monday.
The bank, which is expected to be up and running by the end of the year, will operate on a national scale and will provide services to the State Bank of the United States, according to the university.
“The state of Florida, and the State of Arizona, have historically been two of our strongest markets, and we’re thrilled to expand our financial services reach across the state,” Florida State President Drew Faust said in a statement.
The state’s largest bank, the state’s third-largest, is expected be the first to open in the nation.
The State Bank will be overseen by the University of Phoenix, a branch of the state-owned bank.
The partnership between Florida State and Happy State will be the largest ever for a state bank.
“Our partners are pleased to work together to provide the state of Arizona with a leading, nationally recognized financial institution that will bring innovative financial services and technology solutions to its students, employees and customers,” Happy State Chairman John Lott said in the statement.
“We are committed to providing our students, alumni and our community with access to the financial services they need.”
A state-of-the-art branch facility at the State Farm Center in Phoenix, Ariz.
The Happy State branch in Phoenix will provide more than 20 financial services for students, staff and their families.
“This partnership will allow our students and employees to have the best possible financial environment and ensure they are able to live and learn as they please, and help them to pursue their dreams and pursue their passions,” Faust said.
“In this competitive market, we are grateful to our partners in the state bank industry for their commitment to making the best in banking, and look forward to welcoming our new partners to the Florida State family.”
The state of Georgia was one of the first states to embrace Bitcoin, a decentralized payment system that uses cryptography to protect users from the risks of a central bank.
Georgia has also opened a Bitcoin-based payment system in the city of Atlanta, which will be used by people and businesses to pay for things like gas, groceries and other essentials.
The new bank, called Bitcoin Atlanta, is being operated by a company called Bitcoin-Atlanta Holdings LLC, and will be backed by a $1.5 million investment from the Georgia Chamber of Commerce, according the Atlanta Journal-Constitution.
The Atlanta branch will be part of a larger $4 million investment the Georgia legislature made last month to create Bitcoin Atlanta.
The announcement comes as Bitcoin is growing rapidly, with more than $8 billion in Bitcoin-related assets being traded on the blockchain, according CoinDesk.
In May, Georgia Governor Nathan Deal announced that he was working with the Bitcoin community to create an online banking system.
“I’ve spent a lot of time talking with people in the Bitcoin space, and they’re telling me the whole world is ready for a world that’s not controlled by central banks, and that’s the way I think we should be heading,” Deal said at the time.
“There are so many places in the world where it makes economic sense for businesses to do business.
We’re going to do what we can to help these folks and get them out of the shadow of the Federal Reserve, and bring more economic prosperity to their communities.”