Longstone is being built for what we expect banking to become: modern technology throughout, and a capital-light approach to the balance sheet.
Longstone is being built as a full-service bank. It intends to offer the products customers expect from their bank, delivered efficiently through technology, and to bring digital assets fully inside the bank. Whether a customer wants stablecoins for payments, custody of digital assets, or to buy or sell Bitcoin, Ethereum or other selected digital assets, we want Longstone to be their bank of choice.
Longstone is being built around the customer, for affluent individuals and families, private clients, and businesses. Private Client Services will be our white-glove service for higher-value relationships. Every customer will be able to bank entirely on their own through our platform, and private clients and businesses will also have a dedicated banker.
We intend to serve customers who are often underserved today: clients with $1 million to $10 million in balances, people active in digital assets, customers who expect real-time payments and 24/7 access to their banker, and others who value specialized service.
Longstone intends to lend where specialist expertise matters: ranchland and agriculture, energy and distributed power, and commercial and residential lending. We intend to manage concentration so that the bank is not highly exposed to any one area, with one exception. Loans secured by Bitcoin will be our flagship product and, we expect, our largest type of loan, but they will always stay below half of the bank’s assets. These loans are designed to protect the bank when the price of Bitcoin falls, which is why we believe the credit risk to the bank from this type of secured lending is lower than for any other type of loan. To see how, read “How a Bitcoin-backed loan is designed to work.”
Our executive team is building Longstone because we believe banking is at a turning point, and that a bank able to move quickly and adopt new technology well can lead it. Perhaps for the first time, a well-run bank can offer a customer experience that once only a large, established institution could provide. We look forward to showing what a highly experienced, cohesive team can do. Longstone is seeking to acquire a full-service, OCC-chartered, FDIC-insured bank. Longstone is not a bank today.