STAR Bank will be Alkami Technology’s first client to use the company’s tech to offer crypto to customers, the companies announced in a joint press release Tuesday (Nov. 2).
Alkami, a cloud-based digital banking solutions provider, will provide STAR Bank with tech from NYDIG’s platform through the partnership, which lets clients offer crypto in a seamless, regulatory-friendly manner.
Traditionally, end-users have had to establish new financial relationships to manage crypto holdings, often coming through unregulated entities. Instead, users will now be able to manage their bitcoin alongside their traditional assets.
The release adds that financial institutions will also gain a way to generate new income and get more customers.
“STAR Bank is committed to providing personalized banking solutions through the innovative use of technology to support people on their financial journey,” said Brian Avery, vice president of technology and digital strategy at STAR Bank. “We want our customers to feel confident and competent engaging with emerging investment opportunities. That’s why we are excited to offer fully integrated bitcoin services in our mobile app leveraging the robust Alkami Platform.”
Alkami’s Founder and Chief Strategy and Sales Officer Stephen Bohanon said this partnership would help STAR Bank “remain on the forefront of digital banking by providing their valued customers with a streamlined entry ramp to buy, sell, and manage bitcoin under the trusted STAR brand.”
In other news regarding crypto and bank team-ups, the digital asset platform Bakkt saw a jump in stock price after a Mastercard collaboration to offer customers crypto access. Mastercard will allow Bakkt’s crypto offerings across its wide breadth of banking and shopping options.
Users will be able to buy, sell, and hold crypto in wallets, with Mastercard partners also gaining the ability to issue cryptocurrency credit and debit cards and offer crypto as loyalty program rewards.
“We’re incredibly excited to partner with Mastercard to bring crypto loyalty services to millions of consumers,” Bakkt’s Executive Vice President of Loyalty Rewards and Payments, Nancy Gordon, said in the report. “As brands and merchants look to appeal to younger consumers and their transaction preferences, these new offerings represent a unique opportunity to satisfy increasing demand for crypto, payment and rewards flexibility.”