Valliance Bank Chooses Bakkt to Offer Clients Access to Cryptocurrency

Rhea-AI Summary

Bakkt Holdings, Inc. (NYSE: BKKT) has announced a partnership with Valliance Bank to provide bank customers with access to buy, sell, and hold cryptocurrencies like Bitcoin and Ethereum through the bank's mobile app. This partnership aims to simplify cryptocurrency access within a trusted banking environment, leveraging Bakkt's secure crypto connect solution. Valliance Bank has over $580 million in assets and operates in Oklahoma and Texas, with plans to integrate Bakkt's offering in Q2 2022.

Positive

• Partnership with Valliance Bank to enhance cryptocurrency accessibility for bank customers.
• Valliance Bank has assets exceeding $580 million, indicating strong financial backing.
• Opens new revenue streams for Bakkt by expanding its digital asset solutions.

Negative

• None.

Valliance Bank diversifies digital banking experiences with new, modern approach by opening access for clients to buy, sell and hold cryptocurrencies

ALPHARETTA, Ga.--(BUSINESS WIRE)-- Bakkt Holdings, Inc. (NYSE: BKKT), a trusted digital asset platform that enables consumers to buy, sell, send and spend a range of digital assets, today announced that Valliance Bank, a leading provider of tailored financial solutions, will offer bank customers access to bitcoin and Ethereum through the bank’s mobile app. Valliance Bank will make cryptocurrency access simple and approachable within the digital banking environment through the secure, trusted and regulated Bakkt^® crypto connect solution.

Bakkt’s flexible platform lowers the barriers to entry allowing banks and other partners to entrust Bakkt with custody and transaction responsibilities. Several participating banks have joined the Bakkt crypto connect solution, which is anticipated to launch in Q2 2022.

“We’re excited to partner with Valliance Bank and to bring crypto experiences fit for the needs of their clients,” said Sheela Zemlin, Chief Revenue Officer, Bakkt. “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.”

“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,” said Alicia Wade, President and COO of Valliance Bank. “More and more of our clients each week are signaling they’re ready to get started with crypto. We’re excited to partner with Bakkt as we innovate and broaden our offering beyond the traditional deposit accounts. Bakkt crypto connect is an easy-to-get-started solution which plugs right into our existing mobile banking app, allowing our clients to buy, sell and hold crypto in one seamless experience.”

Valliance Bank has assets totaling over $580 million with five locations between Oklahoma and Texas in addition to its virtual bank V.BANK. Valliance Bank participation is conditioned on the successful integration with the bank’s core processor.

About Bakkt:

Bakkt is a trusted digital asset platform that enables consumers to buy, sell, store, and spend digital assets. Bakkt’s platform, now available through the Bakkt App and to partners, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | Twitter @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/

Bakkt-C
Source: Bakkt Holdings, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220214005319/en/

Bakkt Media Contact:

Lauren Post, Head of Communications

Lauren.Post@bakkt.com

Valliance Bank Investor and Press Contact:

Alicia Wade, President and COO of Valliance Bank

A.Wade@V.bank.com

Source: Bakkt Holdings, Inc.

FAQ

What is the partnership between Bakkt and Valliance Bank about?

Bakkt is partnering with Valliance Bank to provide bank customers with access to buy, sell, and hold cryptocurrencies through the bank's mobile app.

When is the Bakkt crypto connect solution expected to launch?

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

What cryptocurrencies will be available through Valliance Bank?

Valliance Bank customers will have access to Bitcoin and Ethereum through Bakkt's platform.

How much assets does Valliance Bank have?

Valliance Bank has assets totaling over $580 million.

What benefits does Bakkt provide to banks?

Bakkt lowers barriers to entry for banks, allowing them to offer crypto services securely and compliantly to their customers.