Bakkt recently announced that Hanover Bank will integrate with its platform to expand access to Bitcoin and Ethereum. The New York-based financial institution will be part of Bakkt’s early adopter program and will be able to connect to the crypto platform through its mobile banking app.
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Funded in 2009 and with $1.5 billion in total assets, Hanover Bank joined the Bakkt program to provide its clients with greater financial freedom and help them achieve their financial goal, according to a press release.
Bakkt’s early adopter program was launched to create greater accessibility to Bitcoin, Ethereum, and digital assets. This cryptocurrency platform allows users to buy, sell, store and spend cryptocurrencies and digital assets and offers various features for enterprise crypto integration.
Among these features, the platform provides its partners Assets as a Service, a mechanism to connect assets to Bakkt and take advantage of its P2P payments, direct payments and other services. Bakkt also offers its own APIs, a feature called Integration Acceleration, and much more.
Sheela Zemlin, director of revenue at Bakkt, stated that Bitcoin, Ethereum and other cryptocurrencies continued to gain relevance in terms of adoptions “among a large part of the consumer population.” In particular, younger generations seem inclined to trade digital assets.
However, as Zemlin said, the company is working to increase cryptocurrency adoption for everyone. In that regard, this latest partnership will play a key role, Zemlin added:
Bakkt partners like Hanover Bank aim to lower the barrier to entry for their clients to take advantage of this new asset class. It is undeniable that cryptocurrency has catapulted into prime time and expanded its sphere of influence to include more than just early adopters; this is becoming mainstream. It’s an exciting time for Bakkt to introduce new and innovative options for anyone to participate in this booming economy.
Bakkt Crypto Solution for Bitcoin and Ethereum Growth Adoption?
Hanover Bank seems to see its collaboration with Bakkt as a way to increase its cryptocurrency offering, but also to offer its customers more products that take advantage of modern technology. In this regard, Denise Chardavoyne, COO of Hanover Bank, said:
A key strategy at Hanover Bank is to be at the forefront of technology that speaks to superior customer service. As major investors continue to embrace crypto assets, we welcome the opportunity to partner with Bakkt.
The New York-based financial institutions join the ranks of many other partners participating in Bakkt’s cryptocurrency early adopter program. However, their participation, according to the statement, “is conditional on a successful integration” between Bakkt’s cryptographic connection solution and the main processor of the financial institution.
The solution is expected to launch sometime in the second quarter of 2022. Bakkt debuted as a public company on October 18, 2021, under the code BKKT. This announcement was hailed as a major milestone for the company and the cryptocurrency market, but BKKT’s price performance has cast doubt among some investors.