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Customers of the Pennsylvania-based institution will now be able to buy, sell and hold BTC and ETH from the online banking app.
American Bank a Pennsylvania-based community bank, is joining the list of financial institutions in the United States that are making the leap to digital digital technologies are these electronic tools that have the ability to generate, store or even process data. currencies.
According to a press release this Wednesday, American Bank has signed an agreement with digital asset platform a place to buy, sell and store cryptocurrency Bakes with the aim of offering bank customers a cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. trading service.
The agreement will allow the clients of American Bank buy, sell, ship and hold the top two cryptocurrencies by market an area or arena, online or offline, in which commercial dealings are conducted. capitalization: Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. (BTC) and Ethereum a decentralized open-source blockchain with smart contracts functionality. (ETH). The new service is expected to be launched by the second quarter of this 2022.
The bank’s president and CEO, Mark Jaindl, said the initiative is part of the commitment to innovation that the company has maintained since its inception in 1997. “ As one of the pioneers in online banking innovation, […] we are always looking for ways to improve the banking experience for our customers. “, he said in the statement.
According to Jaindl, the movement will turn the American Bank en “el primer banco con sede en Lehigh Valley en ofrecer acceso a comercio de criptomonedas”.
Another U.S. Bank Diving into Crypto
The news comes at a crucial time of intersection between traditional financial institutions and the digital asset space. From titans of Wall Street como Goldman Sachs y Morgan Stanley From the smallest banks in the country to the smallest banks in the country, an increasing number of banking institutions have been actively exploring cryptocurrencies.
The director of revenue for Bakes Sheela Zemlin mentioned this trend, noting that it is due in large part to a change change — a concept relevant to cryptocurrencies that use the UTXO model — is the number of coins sent back to a user after they use their unspent outputs to initiate a transaction. in the “ consumer savings and investment habits s” who are increasingly interested in cryptocurrencies. Zemlin cited a recent study by Cornerstone Advisors which revealed that 42% of Americans surveyed would use their bank to invest investing is when you put money in a financial scheme with the intent of making a gain. in crypto.
The research has indicated that consumers would prefer to access cryptocurrencies from their existing bank, and we are excited that American Bank is partnering with Bakkt to provide customers with a simple on-ramp to cryptocurrencies within their trusted banking relationship.
The representative also assured that the banks have a ” short a trading technique in which a trader borrows an asset in order to sell it, with the expectation that the price will continue to decline. In the event that the price does decline, the short seller will then buy the asset at this lower price in order to return it to the lender of the asset, making the difference in profit. span ” de tiempo para desarrollar sus estrategias de criptomonedas “ or risk being left behind “.
As noted by The Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain. , Bakes has announced such deals with several other regional and community-focused banks in recent weeks, including Variance Bank y Hanover Bank . The cryptocurrency-focused firm also announced a similar partnership with Manasquan Bank based in New Jersey, last year, and a in agreement with Mastercard to bring assets into your payment network a network refers to all nodes in the operation of a blockchain at any given moment in time. .
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Article by Hannah Estefania Perez / DiarioBitcoin
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