Bakkt has signed a partnership with American Bank to purchase and sell BTC and ETH to its clients. The bank stated that the service might be available in the second quarter of 2022.
Crypto Investment Option
Earlier this month, American Bank, one of the USA’s commercial banks with its headquarters in Pennsylvania, announced a partnership with Bakkt that will enable it to provide its clients with the option to trade the most popular digital currencies in the crypto industry BTC and ETH. In addition, Bakkt Holdings is a trustworthy digital currency platform that allows customers to purchase, sell and use crypto assets. The service is anticipated to be live before the middle of 2022. In recent weeks, the company Bakkt announced similar deals with other local and regional banks, such as Hanover Bank and Variance Bank. Bakkt struck a similar agreement with the Manasquan Bank, which is situated in New Jersey, in December.
Clients Prefer Using Banks To Buy Crypto
In a perpetual-changing crypto universe, consumer spending and investment habits fluctuate. Still, Bakkt is seeing an increase in consumer engagement and interest in cryptocurrencies, according to Sheela Zemlin, the company’s Chief Revenue Officer. “According to research1, users prefer to use digital currencies via their current bank, and we’re happy that American Bank is collaborating with Bakkt so as to give clients a straightforward on-ramp to crypto while still maintaining their trusted bank connection.” Our belief that banking institutions have a limited time window, defined in quarters or months, to implement their cryptocurrency initiatives or risk falling behind is shared by American Bank.
According to Mark Jaindl, Chairman and Chief Executive officer of the American Bank, “the financial institution is always searching for opportunities to better our clients’ banking journey,” as the country’s early adopters of online banking technology as well as the nation’s longest operating ‘online bank.’ We can use Bakkt’s extensive features to boost interaction with our clients while also smoothly integrating cryptocurrencies into our current digital banking infrastructure,” says the company. We’re excited to announce that we will be the first commercial bank situated in Lehigh to provide access to cryptocurrency trading.“
Banking institutions are embracing the crypto community by providing virtual services to their users. Last month, a pro-crypto bank, Silvergate, lent MicroStrategy funds to invest in BTC. Several financial institutions have also released crypto investment portfolios for their customers. This recent development is an excellent option for users in America who are happy to invest through their bank since they have gained trust and commitment over the years.