American Bank, a community bank based in Allentown, Pennsylvania, has entered into an agreement with Bakkt to allow its customers to purchase and sell bitcoin and ether.
In the second quarter of 2022, the service is planned to go online. In recent weeks, Bakkt has announced similar agreements with a number of other regional and community-focused banks, including Variance Bank and Hanover Bank. In December, Bakkt announced a similar agreement with Manasquan Bank of New Jersey.
Mark Jaindl, President and CEO of American Bank, stated:
“We are continually searching for ways to improve our clients’ banking experience as one of the pioneers in online banking innovation and as the country’s longest-running ‘online bank.”
Intercontinental Exchange launched Bakkt in 2018 with an emphasis on institutional products and custody, but it eventually switched to offering a retail-focused app. After combining with a special purpose acquisition company, or SPAC, the company went public last October.
Bakkt is a secure digital asset marketplace where people may purchase, sell, store, and spend digital assets. Bakkt’s platform, which is currently available to partners and through the Bakkt’s App, boosts consumer spending and loyalty programmes, delivering value to all essential stakeholders in the Bakkt’s payments and digital asset ecosystem. Bakkt is based in Alpharetta, Georgia.
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