Bakkt’s flexible platform lowers the barriers to entry, providing a secure, trusted and regulated solution that allows banks and other partners to entrust Bakkt with custody and transaction responsibilities.

Established in 2009, Hanover Bank, with $1.5 billion in total assets, operates seven branches across Long Island and the greater New York metropolitan area. By joining Bakkt’s early adopter program, Hanover Bank is helping its clients reach their personal financial goals.

“We’re seeing the increased momentum of cryptocurrency interest and adoption among a large cross-section of the consumer population. Bakkt’s partners like Hanover Bank are intent on lowering the barrier to entry for their clients to enjoy this new asset class,” said Sheela Zemlin, Chief Revenue Officer, Bakkt. “It’s undeniable that cryptocurrency has catapulted itself to prime time and grown its sphere of influence to include more than early adopters; this is going mainstream. It’s an exciting time for Bakkt to introduce new and innovative options, so that anyone can participate in this burgeoning economy.”

“A key strategy at Hanover Bank is to be on the forefront of technology that speaks to superior client service,” said Denise Chardavoyne, COO at Hanover Bank. “As cryptocurrency assets continue to be adopted by mainstream investors, we welcomed the opportunity to partner with Bakkt.”

Hanover Bank joins a growing roster of community banks across the country that are participating in Bakkt’s program. The Bakkt crypto connect solution is anticipated to launch in Q2 2022 and Hanover Bank’s participation is conditioned on the successful integration with the Bank’s core processor.