Valliance Bank has selected Bakkt Holdings, Inc, a digital assets company, as it looks to offer its retail customers access to cryptocurrency. Bakkt announced that Valliance Bank will provide its bank customers with access to Bitcoin and Ethereum through the bank’s mobile app. Valliance Bank will make cryptocurrency access simple and approachable within the digital banking environment through the secure, trusted and regulated Bakkt® crypto connect solution.
Valliance Bank has assets that total over $580 million with five branch locations in Texas and Oklahoma, in addition to its virtual bank V. BANK.
Sheela Zemlin, the Chief Revenue Officer at Bakkt, said: “We’re excited to partner with Valliance Bank and to bring crypto experiences fit for the needs of their clients. Crypto has reached the masses but many are still on the sidelines unsure how to get started and looking for a convenient entry point from a relationship they already trust.”
Meanwhile, Alicia Wade, President and COO of Valliance Bank, added: “Our core banking platform provider recommended Bakkt. By partnering with Bakkt, we’re opening the door to a new, dynamic opportunity to provide modern and compliant financial solutions to our clients who have a growing interest in cryptocurrency. More and more of our clients each week are signaling they’re ready to get started with crypto. We’re excited to partner with Bakkt as we innovate and broaden our offering beyond the traditional deposit accounts. Bakkt crypto connect is an easy-to-get-started solution which plugs right into our existing mobile banking app, allowing our clients to buy, sell and hold crypto in one seamless experience.”
Promoting Crypto Market Accessibility
Bakkt, which raised $300 million in a Series B funding round in March last year, has built a digital asset platform that enables banks to plug and play a cryptocurrency buy/sell/hold module, which gives users access to multiple crypto assets.
In October last year, Mastercard, a payment giant, partnered with Bakkt to make it easier for its merchant, bank, and fintech customers in the US to provide cryptocurrency solutions and services. In December last year, New Jersey based Manasquan Bank selected Bakkt to provide its bank’s retail clients access to crypto coins.
Bakkt connects institutional participants to the world of digital assets through a platform that lowers the barriers to entry, offering a regulated, secure and trusted solution, where banks and others entrust Bakkt with transaction and custody responsibilities.
