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.

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