Bakkt welcomes Hanover Bank to upcoming crypto connect solution

Rick Steves

This is a major move for the banking industry in the United States as most banks that have integrated digital assets into their offering usually only cater to institutional investors.

Bakkt has welcomed Hanover Bank as the financial services firm joined its early adopter program to connect to Bakkt’s cryptocurrency platform.

Through the program, Hanover Bank will be able to offer its banking customers access to bitcoin and Ethereum through its mobile banking app.

Massification of crypto via banks

Bakkt connects institutional players to the world of digital assets through a platform that lowers the barriers to entry, providing a secure, trusted, and regulated solution, where banks and others entrust Bakkt with custody and transaction responsibilities.

Hanover Bank was established in 2009 and currently holds $1.5 billion in total assets and operates seven branches across Long Island and the greater New York metropolitan area.

The bank joins a growing roster of community banks across the country that are participating in Bakkt’s program, including NJ-based mutual bank Manasquan Bank, which has joined the program in late 2021.

The Bakkt crypto connect solution is anticipated to launch in Q2 2022 and Hanover Bank’s participation is conditioned on the successful integration with the Bank’s core processor.

Sheela Zemlin, Chief Revenue Officer at Bakkt, said: “We’re seeing the increased momentum of cryptocurrency interest and adoption among a large cross-section of the consumer population. 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.”

Plug and play a crypto buy/sell/hold module

Denise Chardavoyne, Chief Operating Officer at Hanover Bank, commented: “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.”

This is a major move for the banking industry in the United States as most banks that have integrated digital assets into their offering usually only cater to institutional investors.

Bakkt has built a digital asset platform that allows banks to plug and play a crypto buy/sell/hold module which provides end clients with a seamless setup and quick access to multiple cryptocurrencies. Bakkt leverages a regulatory-first approach to safely and securely custody these assets.

Read this next

Digital Assets

Alameda sues Voyager Digital to recover $445 million

FTX’s failed trading arm, Alameda Research, asked a court to claw back $445 million from Voyager Digital, which it said SBF’s empire paid to the crypto lender before collapsing into bankruptcy.

Metaverse Gaming NFT

Toyota taps Astar Network to explore Web3 in grand style

Although the crypto ecosystem has faced its fair share of bumps, Japanese automaker Toyota is seemingly bullish about the space and continue to look at Web3 as a promising opportunity.

Digital Assets

Bitcoin dominates inflows into crypto funds, AuM hits $28B

As the price of bitcoin continues to consolidate around recent highs, investors expand their positions in funds designed to profit from further appreciation in the cryptocurrency.

Institutional FX

Fiserv secures major payment institution licence in Singapore

Brookfield-based financial services technology provider Fiserv Inc has obtained nod for a Major Payment Institution license in Singapore.

Institutional FX

Finalto expands NDFs line-up with Taiwanese dollar

Finalto announced today that it has expanded its non-deliverable forwards (NDFs) offering with the addition of Taiwan’s dollar to its trading platform.


It’s time for FX to Harness Crypto’s Potential

Jonathan Cumberlidge, FX Sales Director for BVNK, makes the case for cryptocurrencies in improving the efficiency and flexibility of foreign exchange trading.

Digital Assets

Owner of OptionMint, OptionKing, and OptionQueen gets 30 months in prison

A US federal judge has sentenced Ohio resident Jared Davis, who was found guilty for his participation in a multi-million fraud scheme carried out by Israeli-run binary options websites.

Executive Moves

iS Prime co-founders Raj Sitlani and Jonathan Brewer leave, but “business as usual”

“For our clients and teams at iS Prime, iS Risk and iS Prime Hong Kong, it is business as usual. We will be increasing our investment in our technology and staff, putting our clients first as we drive the business forwards to maintain our market leadership position.”

Digital Assets

Germany-focused DekaBank taps METACO for digital asset custody offering

“Digital assets are a critical part of the future, a radical new way for how assets will be represented, from currencies to real estate.”