Bakkt Signed an Agreement to Allow Bank of America to Buy / Sell Cryptocurrency

Written by C, Fiona

Last updated: 2022-04-08

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Under the agreement, Bakkt will allow Bank of America customers to buy, sell and hold two major digital assets – bitcoin and Ethereum.

On Wednesday, April 6, Bakkt , the cryptocurrency division of the Intercontinental Exchange (ice), signed an agreement with Bank of America in Pennsylvania. Under the agreement, bakkt will allow the bank’s customers to buy, sell and hold the world’s two largest cryptocurrencies, bitcoin and Ethereum.

Bakkt and Bank of America

According to the details, the service will be launched before the second quarter of 2022. In the past, Bakktt has announced such transactions with several other regional and community key banks, including Hannover bank and variance bank. In December 2021, Bakkt announced a similar deal with manaskan bank in New Jersey.

Traditional Banks Enter the Field of Cryptocurrency

In the past year, we have seen traditional banking institutions getting closer and closer to the cryptocurrency world. Some of the largest Wall Street banks, including Goldman Sachs and Morgan Stanley, are providing their clients with the risk of cryptocurrency funds.

Bank of America provides services in all 50 states in the United States. As more and more customers show interest in purchasing digital assets, Bank of America will use bakkt’s educational materials to provide cost-effective access to cryptocurrency.