As per the deal, Bakkt will allow American Bank customers to buy, sell, and hold the two biggest digital assets – Bitcoin and Ethereum.
On Wednesday, April 6, Bakkt – the crypto wing of Intercontinental Exchange (ICE) – signed a deal with Pennsylvania-based American Bank. Under this deal, Bakkt will allow the bank’s customers to buy, sell, and hold the world’s two biggest cryptocurrencies aka Bitcoin and Ethereum.
Bakkt and American Bank
As per the details, the service will go live by the second quarter of 2022. In the past, Bakkt has announced such deals with several other regional and community-focused banks including Hannover Bank and Variance Bank. Last December 2021, Bakkt announced a similar deal with New Jersey-based Manasquan Bank. Speaking about this development, Sheela Zemlin, Chief Revenue Officer, Bakkt said:
“Consumer saving and investing habits ebb and flow constantly, but more than ever we’re seeing consumer intrigue and interest in cryptocurrency grow. Research1 has indicated that consumers would prefer to access crypto from their existing bank, and we’re excited American Bank is partnering with Bakkt to provide customers a simple on-ramp to cryptocurrency within their trusted bank relationship. American Bank shares our view that banks have a short window measured in months or quarters to execute on their crypto strategies or risk being left behind.”
Traditional Banks Getting onto Crypto
Over the last year, we have been seeing traditional banking institutions getting closer to the crypto world. Some of the biggest Wall Street banks including Goldman Sachs, Morgan Stanley, etc. are offering their clients exposure to crypto funds.
American Bank offers its services across all 50 states in the US. With more of its customers showing interest to buy digital assets, American Bank will leverage Bakkt’s educational materials thereby providing cost-effective access to cryptocurrencies. Speaking of this development, Mark Jaindl, President and CEO at American Bank said:
“As one of the pioneers in online banking innovation and, as the longest operating ‘online bank’ in the country, we are always looking for ways to enhance our customers’ banking experience. Bakkt’s robust capabilities create an entry point for us to drive engagement with our customers and seamlessly integrate cryptocurrency into our existing digital banking platform. We’re proud to say that we’ll be the first bank headquartered in the Lehigh Valley to offer access to crypto trading.”
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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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