PANews reported on April 1st that, according to Bloomberg, crypto-friendly bank Cross River Bank has raised $50 million from existing investors, led by a fund managed by T. Rowe Price, valuing the company at slightly over $3 billion. The new funds will be used to accelerate product launches, deepen partnerships, and expand international operations, with a focus on increasing investment in artificial intelligence and cryptocurrency.

Founded in 2008, Cross River provides banking infrastructure to over 100 technology and fintech companies, including Stripe, Coinbase, and Affirm. This month, it also partnered with the X platform for payments. The bank has gained attention for its Solana blockchain integration and participation in the Visa USDC stablecoin settlement pilot program.