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 via its mobile banking app.
Funded in 2009 and with $1.5 billion in total assets, Hanover Bank has joined Bakkt’s program to provide its customer with more financial freedom and to help them achieve their financial goal, according to a press release.
Bakkt’s early adopter program was launched to create more accessibility to Bitcoin, Ethereum, and digital assets. This crypto platform enables users to buy, sell, store, and spend cryptocurrencies and digital assets and offers several features for corporate crypto integration.
Amongst those features, the platform provides its partners with Assets as a Service, a mechanism to plugged assets into Bakkt and leverage its P2P payments, direct payment, and other services. Bakkt also offers its own APIs, a feature called Accelerating Integrations, and more.
Sheela Zemlin, Chief Revenue Officer at Bakkt, claimed that Bitcoin, Ethereum, and other cryptocurrencies have continued to gain relevance in terms of adoptions “among a large cross-section of the consumer population”. Particularly, younger generations seem inclined to trade with digital assets.
However, as Zemlin said, the company is working to increase crypto adoption for everyone. In that sense, this latest partnership will have a key role, Zemlin added:
(…) Bakkt’s partners like Hanover Bank are intent on lowering the barrier to entry for their clients to enjoy this new asset class. It’s undeniable that cryptocurrency has catapulted itself to prime time and grown its sphere of influence to include more than early adopters; this is going mainstream. It’s an exciting time for Bakkt to introduce new and innovative options, so that anyone can participate in this burgeoning economy.
Bakkt’s Crypto Solution To Growth Adoption Of Bitcoin And Ethereum?
Hanover Bank seems to perceive their collaboration with Bakkt as a way to increase their crypto offering, but also to offer their clients more products that leverage modern technology. In that sense, Denise Chardavoyne, COO at Hanover Bank, said:
A key strategy at Hanover Bank is to be on the forefront of technology that speaks to superior client service. As cryptocurrency assets continue to be adopted by mainstream investors, we welcomed the opportunity to partner with Bakkt.
The NY-based financial institutions join the ranks of many other partners that are participating in Bakkt’s early crypto adopter program. However, its participation, per the release, “is conditioned on the successful integration” between Bakkt’s crypto connect solution and the financial institution’s core processor.
The solution is expected to roll out at some point in Q2, 2022. Bakkt debuted as a public company on October 18th, 2021, with the ticker BKKT. This announcement was celebrated as a great milestone for the company and the crypto market, but BKKT price’s performance has cast a shadow of doubt amongst certain investors.
As of press time, BKKT trades at $4.60 with a 6.73% profit in the daily chart after dropping from an all-time high north of $50.