The service is expected to go live in the second quarter of 2022. Bakkt has announced such deals with several other regional and community-focused banks, including Variance Bank and Hanover Bank, in recent weeks. Bakkt announced a similar deal with New Jersey-based Manasquan Bank in December.
“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, which was launched by Intercontinental Exchange in 2018 with a focus on institutional products and custody, later pivoted to offering a retail-focused app.
The firm began trading as a public company last October after merging with a special purpose acquisition company or SPAC.