Amesbury-based BankProv has partnered with a cryptocurrency technology firm to provide equipment financing for Bitcoin miners.

BankProv, legally known as The Provident Bank, has partnered with CrossTower, a Bermuda-based technology firm with offices in the U.S., to offer a crypto lending platform.

The bank said in a statement that there is a high demand to borrow against crypto, pointing to a finding from a Credmark report last year that the crypto lending industry had over $40 billion in locked value.

CrossTower is a digital asset investment firm that offers a trading platform. Through the new partnership, BankProv will finance equipment loans through its specialty lending team using CrossTower’s collateral management technology and underwriting standards.

“BankProv is proud to expand its relationship with CrossTower to include this new and exciting specialty lending initiative,” Dave Mansfield, CEO of BankProv, said in the statement. “By partnering with an innovative, longstanding and trusted partner like CrossTower, we’re able to execute on our mission to provide much-needed banking services to an underserved market and increase the widespread adoption of this asset class.”

BankProv said it expects the service to help miners looking to invest in advanced mining equipment, with the repayment of the loan coming from the cryptocurrency mined from the rigs BankProv finances. Mining is the complex computing process that creates new bitcoins.

“CrossTower is very excited to partner with BankProv to develop a dynamic and sophisticated lending business in the cryptocurrency industry,” said Kristin Boggiano, co-founder and President at CrossTower. “CrossTower has an incredible global infrastructure that offers access by institutions to the digital asset markets. We are excited to expand our product offerings.”