American Bank Taps Bakkt Crypto Connect Solution for New Offerings

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 Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term (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 Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term through the bank’s mobile app.