American Bank to offer customers the purchase and sale of cryptocurrencies

To do this, the bank has concluded a deal with the Bakkt digital assets platform

06.04.2022 - 15:25

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What’s new? American Bank has signed an agreement with the Bakkt cryptocurrency platform to offer its customers the ability to buy and sell Bitcoin and Ethereum. The service is expected to be launched in the second quarter of 2022. Bakkt is already partnering with other banks, including Variance Bank and Hanover Bank, The Block reports.

Information on The Block’s website

What had happened before? In October, Bakkt signed an agreement with Google to add a virtual card to its payment system. The cryptocurrency on the user’s card will be converted into fiat currency on payment.

What is known about Bakkt? It is a cryptocurrency platform with a focus on institutional products and depository services. It was launched by the US-based Intercontinental Exchange in 2018. Bakkt later switched to building an app focused on digital assets trading. The company’s shares are listed on the New York Stock Exchange (NYSE) under the ticker BKKT.

What is known about American Bank? It is an American financial conglomerate that provides a wide range of financial services to legal entities and individuals. It was founded in 1998 and has been one of the systemically important banks since 2011.

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