As time passes, the centralized and traditional financial enterprises are also waking up to the growth potential and the increasing demand for the blockchain network. Recently, banking juggernauts on Wall Street like JP Morgan Chase and others have shown enthusiasm about working with Bitcoin and other cryptocurrency products.
The latest banking enterprise to join the list is American Bank. The bank operates comparatively conservatively in the administrative jurisdiction of Allentown. The bank is locally owned and operated. According to the latest media reports, the bank has shown enthusiasm for collaborating with Bakkt as third-party support to enable cryptocurrency trading for its clients.
American Bank to Partner with Bakkt
American Banking enterprise, a locally influential banking services provider, has recently announced that it is enabling Bitcoin and Ethereum trading services for its clients. The Pennsylvanian Bank has been around for 25 years. The official filings of the bank reveal that it is in the process of acquiring the crypto-integration feature of Bakkt to allow its consumers regular cryptocurrency trading.
The media further speculates that the consumers of the American Bank will be able to avail themselves of the new crypto custodial and trading services before the end of the second quarter of the ongoing year. Chief Revenue Officer of Bakkt, Sheela Zemlin, recently claimed that the crypto organization is at present excited to serve consumers through on-ramp cryptocurrency services backed by a reliable banking system.
Since the start of the current year, several traditional banking enterprises have started to get out of their conservative mold and become more welcoming toward cryptocurrencies. Even big Bitcoin critics like JP Morgan Chase have come around and showed their optimism towards opening new crypto-related projects in the ongoing year. Morgan Stanley, Wells Fargo &Co., and Citigroup are some of the biggest banking enterprises that are now crypto compliant.
New York Mellon last year stated that it is also going through a documentation process to enable Bitcoin custodial and trading services for its wealth management clients. NYDIG is already operating as a semi-Bitcoin custody services provider. BanCorp is another American banking enterprise that has enabled the Bitcoin account option. Laredo Vantage, a private bank from Laredo, has introduced a Bitcoin-based retirement plan for its employees to explore new 401K innovations.