Bitcoin to enter community banks and credit unions via Bakkt

Rick Steves

“Its modern user experience and API-enabled platform make Bakkt an attractive solution for financial institutions seeking an intuitive, tightly-integrated, low risk solution to offer crypto services.”

Bakkt will make its digital asset marketplace and wallet available through Finastra’s open developer platform and app store, FusionFabric.cloud.

Finastra’s Fusion Digital Banking solution is key to connect to customers of community banks and credit unions.

By adding Bakkt’s crypto platform to Finastra’s app, crypto will expand further into the mainstream as financial institutions offer their account holders access to the growing asset class without having to leave their existing, trusted banking environment.

Sheela Zemlin, Chief Revenue Officer at Bakkt, said: “Joining FusionFabric.cloud and the FusionStore marketplace will allow us to quickly and seamlessly introduce Finastra’s banking clients to cryptocurrency choices, in order to meet rising consumer demand. From its unique combination of innovative banking products to their deep customer relationships and overall digital experience, Finastra was a natural fit to help expand the reach of Bakkt’s digital asset ecosystem.”

Philip Taliaferro, Head of Fintech Ecosystem at Finastra, commented: “Finastra’s clients are constantly seeking new and innovative experiences to drive engagement with their end consumers. Bakkt’s robust digital marketplace meets those demands by seamlessly integrating crypto, cash management, money transfer and wallet capabilities into Finastra’s FusionFabric.cloud platform and marketplace.

“Its modern user experience and API-enabled platform make Bakkt an attractive solution for financial institutions seeking an intuitive, tightly-integrated, low risk solution to offer crypto services.”

Bakkt is empowering and strengthening a growing partner network to tap into the new opportunities for customer engagement and choice.

The blockchain specialist aims to leverage digital platform solutions that deliver a frictionless customer journey while also providing access to new products and features.

Bakkt is preparing a merger with Special Purpose Acquisition Company (SPAC) VPC Impact Holdings (VIH) as both the companies are set to go public this month.

SPACs are the preferred methods for many of the fintech companies nowadays which are looking to go public as it provides them with a easier path to achieve their goal.

Bakkt helps its users to convert their holdings into digital assets and also allows them to pay merhcnats directly. It also works with various merchants and financial instritutions to help them with regulatory practices being followed in different parts of the world and also with risk management.

“We are thrilled to have reached this milestone and look forward to successfully completing the proposed business combination with VIH. I want to thank our team members for their dedication, as we would not be here without their tremendous efforts. Now more than ever, we remain excited about the unique growth opportunities ahead for our business and are laser focused on furthering our vision of connecting the digital economy”, said Bakkt CEO Gavin Michael in September.

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