Bakkt’s digital marketplace and wallet are about to be available on Finastra’s open developer platform and app store, FusionFabric.cloud.
This will open the doors to digital asset trading for customers of community banks and credit unions, as part of Finastra’s Fusion Digital Banking solution.
Bakkt allows consumers to buy, sell, store and spend a range of digital assets, including bitcoin. Financial institutions will now be able to offer their account holders access to the growing crypto market without having to leave their existing banking environment.
Sheela Zemlin, Chief Revenue Officer at Bakkt, said: “Joining FusionFabric.cloud and the FusionStore marketplace will allow us to quickly and seamlessly introduce Finastra’s banking clients to cryptocurrency choices, in order to meet rising consumer demand. From its unique combination of innovative banking products to their deep customer relationships and overall digital experience, Finastra was a natural fit to help expand the reach of Bakkt’s digital asset ecosystem.”
Philip Taliaferro, Head of Fintech Ecosystem at Finastra, commented: “Finastra’s clients are constantly seeking new and innovative experiences to drive engagement with their end consumers. Bakkt’s robust digital marketplace meets those demands by seamlessly integrating crypto, cash management, money transfer and wallet capabilities into Finastra’s FusionFabric.cloud platform and marketplace. Its modern user experience and API-enabled platform make Bakkt an attractive solution for financial institutions seeking an intuitive, tightly-integrated, low risk solution to offer crypto services.”
Bakkt is a subsidiary of Intercontinental Exchange, also known as ICE. The platform was launched in 2018 and taps into ICE’s ability to create a secure and regulated market infrastructure for users to safely transact all forms of digital assets in one place, as opposed to separate siloed apps for individual types of assets.
Earlier this year, the New York State Department of Financial Services (DFS) approved the application of Bakkt Marketplace for virtual currency and money transmitter licenses. The Bakkt Marketplace will be authorized to offer its cryptocurrency offering to New York residents.
The firm aims to help banks and merchants facilitate new customer experiences by leveraging digital platform solutions that deliver a frictionless customer journey while also providing access to new products and features.
In March, Bakkt launched the Bakkt App, a digital wallet that brings together bitcoin and other forms of digital assets into one platform.
The app is designed to amplify consumer spending, reduce payment costs, and bolster merchant loyalty programs. The firm saw over 500,000 users participate in its invitation-only Early Access Program. The firm’s crypto card has recently added support for Google Pay.