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Why This Bank Will Offer Bitcoin And Ethereum Via Bakkt

Recent bakkt announcement Hannover Bank will integrate with its platform to expand access to Bitcoin and Ethereum. Newyork-based financial institutions will be part of Bakkt’s early adopter programs and will be able to connect to crypto platforms via the mobile banking app.

Related reading | Mastercard will be integrated with Bakkt, allowing merchants to offer encryption services

Funded in 2009 and with total assets of $ 1.5 billion, Hannover Bank has entered into a Bakkt program to provide customers with more financial freedom and help them reach their financial goals, according to a press release. I participated.

Bakkt’s Early Adopter Program Bitcoin, Ethereum, and digital assets. This crypto platform enables users to buy, sell, store, and use cryptocurrencies and digital assets, and provides several features for corporate crypto integration.

Among these features, the platform provides partners with Assets as a Service. This is a mechanism for plugging assets into Bakkt and leveraging P2P payments, direct payments, and other services. Bakkt also offers its own API, a feature called Accelerating Integrations, and more.

Sheela Zemlin, Bakkt’s Chief Revenue Officer, argued that Bitcoin, Ethereum, and other cryptocurrencies continue to gain relevance in terms of adoption “in the majority of the consumer population.” .. In particular, the younger generation seems to tend 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 plays an important role, Zemlin added.

(…) Bakkt partners like Hanover Bank are keen to lower the barriers to entry for clients to enjoy this new asset class. It is undeniable that cryptocurrencies have entered prime time and have grown to include more than early adopters. This is becoming mainstream. It’s an exciting time for Bakkt to introduce new and innovative options so that everyone can participate in this fast-growing economy.

Bakkt crypto solution for growth adoption of Bitcoin and Ethereum?

Bank of Hanover seems to recognize the collaboration with Bakkt as a way to increase cryptocurrency offerings, but it seems to offer clients more products that take advantage of the latest technology. In that sense, Denise Chardavoyne, COO of Hanover Bank, said:

Hanover Bank’s key strategy is to be at the forefront of technology that speaks of superior customer service. Cryptocurrency assets continue to be adopted by mainstream investors, so we welcomed the opportunity to partner with Bakkt.

Newyork-based financial institutions are among the many other partners participating in Bakkt’s early cryptocurrency recruitment programs. However, participation on a per-release basis is “conditional to successful integration” between Bakkt’s cryptographic connection solution and the financial institution’s core processor.

The solution will be rolled out at some point in the second quarter of 2022. Bakkt debuted as a public company on October, 2021, ticker BKKT is used. While this announcement was celebrated as a major milestone for the company and the crypto market, BKKT’s price performance casts doubt among certain investors.

Related reading | Digital Asset Marketplace Bakkt Launches Public Trading on New York Stock Exchange

At the time of the press, BKKT was trading at $ 4.60, making a profit of 6.73% on the daily chart after falling from a record high of $ 50.

BKKT is on a downtrend on the daily chart. Source: BKKTUSD Tradingview

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