Valliance Bank will use the Bakkt crypto connect solution to let customers seamlessly purchase, sell, and hold bitcoin (BTC), ether (ETH), and other altcoins within the bank’s digital banking infrastructure.
Bakkt’s program, which is set to begin in Q2 2022, is an early adopter solution that aims to make bitcoin more accessible to newcomers.
Alicia Wade, President and COO of Valliance Bank, stated that a growing number of clients have expressed interest in bitcoin. Customers will be able to trade and hold digital assets with ease thanks to the Bakkt crypto connect program, according to Wade.
According to a statement from a senior management at Valliance Bank,
“Our core banking platform provider recommended Bakkt. By partnering with Bakkt, we’re opening the door to a new, dynamic opportunity to provide modern and compliant financial solutions to our clients who have a growing interest in cryptocurrency.”
Sheela Zemlin, Bakkt’s chief revenue officer, also commented on the latest development:
“Crypto has reached the masses but many are still on the sidelines unsure how to get started and looking for a convenient entry point from a relationship they already trust.”
Valliance Bank and Bakkt Holdings
Valliance is the most recent financial institution to sign up for the Bakkt crypto link. Hanover Community Bank and Manasquan Bank, both situated in New Jersey, are interested in participating in the scheme.
Bakkt Holdings launched its shares on the New York Stock Exchange (NYSE) in October 2021, following in the footsteps of Coinbase, the largest cryptocurrency exchange in the United States.