American Bank joins Bakkt early adopter programme to offer crypto

“Consumer saving and investing habits ebb and flow constantly, but more than ever we’re seeing consumer intrigue and interest in cryptocurrency grow,” said Sheela Zemlin, Chief Revenue Officer, Bakkt. “Research1 has indicated that consumers would prefer to access crypto from their existing bank, and we’re excited American Bank is partnering with Bakkt to provide customers a simple on-ramp to cryptocurrency within their trusted bank relationship. American Bank shares our view that banks have a short window measured in months or quarters to execute on their crypto strategies or risk being left behind.”

American Bank, based in Allentown, PA, continuously works to provide the best, most secure digital banking services to its customers who reside in all 50 states. As more consumers gain interest in buying cryptocurrency through their bank, American Bank will be able to leverage Bakkt’s educational materials and provide cost-effective access to cryptocurrency.

“As one of the pioneers in online banking innovation and, as the longest operating ‘online bank’ in the country, we are always looking for ways to enhance our customers’ banking experience,” said Mark Jaindl, President and CEO at American Bank. “Bakkt’s robust capabilities create an entry point for us to drive engagement with our customers and seamlessly integrate cryptocurrency into our existing digital banking platform. We’re proud to say that we’ll be the first bank headquartered in the Lehigh Valley to offer access to crypto trading.”

The Bakkt® crypto connect solution is anticipated to launch in Q2 2022.

1 Cornerstone Advisors February 2022 study found that of Americans who already hold Bitcoin or other cryptocurrencies, more than half said they’d definitely use a bank to invest in crypto if they could, with another 42% indicating that might do so.