Bakkt signs an agreement to buy and sell Bitcoin and Ether to American Bank customers. The service could be launched in Q2 2022.
American Bank, a public bank headquartered in Allentown, Pennsylvania, has signed an agreement with Bakkt to offer its customers the ability to buy and sell Bitcoin and Ether. Bakkt Holdings Inc. is a trusted digital asset platform that enables consumers to buy, sell, send, and spend a range of digital assets.
The service is expected to be launched in Q2 2022. In recent weeks, Bakkt has announced such deals with several other regional and community banks, including Variance Bank and Hanover Bank. In December, Bakkt announced a similar deal with New Jersey-based Manasquan Bank.
“Consumer saving and investing habits ebb and flow constantly, but more than ever we’re seeing consumer intrigue and interest in cryptocurrency grow,” said Sheela Zemlin, Chief Revenue Officer, Bakkt. “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.”
“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,” said Mark Jaindl, President and CEO at American Bank. “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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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.