Valliance Bank Teamed Up With Bakkt to Enable Crypto Exposure

Valliance Bank teamed up with Bakkt to enable crypto exposure among new market participants so let’s find out more today in our cryptocurrency news.

Valliance Bank teamed up with Bakkt, the digital asset platform to bring seamless crypto experiences to the bank’s customers. As per the press release, the bank will enable customers to buy, sell and hold BTC, ETH, and other altcoins within the bank’s digital banking infrastructure via the crypto connect solution. Bakkt’s program is scheduled to launch in Q2 of this year and it is an early adopter solution that seeks to lower the barrier to entry for new crypto participants.

The president and COO of the bank Alicia Wade said that there has been an increase in the number of clients that showed interest in crypto and also said that the Bakkt crypto connect program will allow teh customers to trade and hold digital assets. According to a statement from the bank’s executive:

“Our core banking platform provider recommended Bakkt. By partnering with Bakkt, we’re opening the door to a new, dynamic opportunity to provide modern and compliant financial solutions to our clients who have a growing interest in cryptocurrency.”

Also commenting on the developments was Bakkt’s chief revenue officer Sheela Zemlin who said:

“Crypto has reached the masses but many are still on the sidelines unsure how to get started and looking for a convenient entry point from a relationship they already trust.”

Valliance is the latest financial institution to join Bakkt Crypto connect and others that are looking to take part in the program include Hanover community Bank and the New Jersey-based Manasquan Bank. Bakkt Holdings also listed shares on the New York Stock Exchange right after Coinbase did.

Also, The lending platform Nexo selected Bakkt to be its partner and custody a portion of the Bitcoin and Ethereum holdings in the Bakkt Warehouse. The Warehouse comprises both online and offline digital asset storage and the company balances between the two tiers to minimize the risks associated with crypto custody services. In the recent announcement, Nexo raised that this model could bring an enhanced investment shield for the users and the warm and cold wallets are built on the secure wallet architecture along with physical security. Nexo didn’t disclose what proportion of the BTC and ETH funds will store in the Bakkt Warehouse.