In a joint press statement issued on Tuesday, the companies announced that STAR Bank will be Alkami Technology’s first client to use the company’s technology to sell cryptocurrency to consumers (Nov. 2).
The collaboration will see the cloud-based digital banking solutions provider Alkami supplying STAR Bank with technology from the NYDIG platform, which will allow clients to sell bitcoin in a seamless and regulatory-compliant manner through the use of the platform.
When dealing with their cryptocurrency holdings, end-users have always had to create fresh banking ties because their crypto holdings were typically acquired through unregulated organisations. As an alternative, users will be able to manage bitcoin along with their other traditional assets.
According to the press release, financial institutions will also have a means of generating more revenue and attracting new customers to their businesses.
“We are committed to providing personalised banking solutions to consumers through the innovative use of technology to support them on their financial path,” said Brian Avery, vice president of technology and digital strategy at STAR Bank. “We want our consumers to feel at ease and aware about new investment opportunities when they come to us. We are happy to be able to offer fully integrated bitcoin services on our mobile app as a result of the Alkami Platform, which was developed by Alkami.”
It is hoped that this agreement will enable STAR Bank to “maintain their position at the forefront of digital banking by providing their valued customers with a streamlined entry ramp to purchase, sell, and manage bitcoin under the trusted STAR brand,” according to Stephen Bohanon, Alkami’s founder and chief strategy and sales officer.
Following a Mastercard agreement to provide users with cryptocurrency access, the digital asset platform Bakkt saw its stock price soar. Bakkt’s cryptocurrency products will be accepted by Mastercard throughout the company’s extensive network of banking and shopping options.
The ability to purchase, sell, and store cryptocurrencies in wallets will be available to users, and Mastercard partners will be able to issue cryptocurrency credit and debit cards, in addition to providing bitcoin as a loyalty programme incentive, will be available.
According to the newspaper, Nancy Gordon, Bakkt’s Executive Vice President of Reward Rewards and Payments, stated, “We’re incredibly excited to partner with Mastercard to bring crypto loyalty programmes to millions of customers.” In order to cater to younger users and their transaction preferences, the firm argues that these new products “provide a unique opportunity to address growing demand for crypto, payment, and rewards flexibility,” according to the company.
