Valliance Bank Partners With Bakkt to Enable Cryptocurrency Exposure

Digital asset platform Bakkt Holdings has teamed up with Valliant Bank, an institution that provides financial services, to bring a seamless crypto experience to the bank’s customers.

• According to a press release on Monday (February 14, 2022), Valliant Bank would enable customers to easily buy, sell, and hold bitcoin (BTC), ether (ETH), and other altcoins within the bank’s digital banking infrastructure via the Bakkt crypto connect solution.
• Bakkt’s program, which is scheduled to launch in Q2 2022, is an early adopter solution that seeks to lower the barrier to entry for new cryptocurrency participants.
• The President and COO of Valliance Bank, Alicia Wade, said that there has been an increasing number of clients who have shown interest in cryptocurrency. Wade also said that the Bakkt crypto connect program will allow customers to seamlessly trade and hold digital assets.
• According to a statement from the Valliance Bank 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 latest development 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. Others who are looking to participate in the program include Hanover Community Bank and the New Jersey-based Manasquan Bank.
• In October 2021, Bakkt Holdings listed its shares on the New York Stock Exchange (NYSE), following in the steps of U.S. cryptocurrency exchange giant, Coinbase.