Bakkt, the cryptocurrency arm of Intercontinental Exchange (ICE), announced on Wednesday that American Bank had picked the Bakkt crypto connect solution to enable its bank customers to buy, sell and hold Bitcoin (BTC) and Ether (ETH).
According to the press release, Bakkt crypto connect is expected to launch in Q2 of 2022. Allentown-based American Bank strives to provide its customers in all 50 states with the best and most secure digital banking services. By taking advantage of Bakkt’s educational materials and providing cost-effective access to cryptocurrency, American Bank will be able to capture more consumers interested in purchasing cryptocurrency through their bank.
“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,” Mark Jaindl, the President and CEO at American Bank, commented on the announcement.
Moreover, Sheela Zemlin, the Chief Revenue Officer at Bakkt, highlighted the following: “Consumer saving and investing habits ebb and flow constantly, but more than ever, we’re seeing consumer intrigue and interest in cryptocurrency grow. Research 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.”
Valliance Bank's Announcement
In February, Valliance Bank selected Bakkt Holdings, Inc, as it looks to offer its retail customers access to cryptocurrency. Bakkt announced that Valliance Bank will provide its customers with access to Bitcoin and Ethereum through the bank’s mobile app.
