Alkami Technology Inc. (Nasdaq: ALKT), a Cloud-powered virtual banking solutions provider for U.S. banks and credit unions, has announced STAR Financial Bank as its first client to empower customers with trading systems that “allow the purchase, sale, and secure storage of Bitcoin, powered by NYDIG.”
STAR Bank is reportedly the first banking institution in the state of Indiana to provide BTC trading services to clients.
Brian Avery, VP, Technology and Digital Strategy, STAR Bank, stated:
“STAR Bank is committed to providing personalized banking solutions through the innovative use of technology to support people on their financial journey. 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.”
Traditionally, end-users have been required to form financial relationships to effectively manage their crypto-asset holdings – “often with unregulated entities.”
The announcement also mentioned that now, they will “have an option to acquire, sell, hold, and manage bitcoin alongside their traditional assets.”
In turn, FIs have a path to “generate new, non-interest income and an additional opportunity to retain and attract customers and their deposits.” NYDIG’s platform “enables FIs to seamlessly offer their customers and members bitcoin products and services in a manner that meets the highest regulatory standards,” the update noted.
Stephen Bohanon, Founder and Chief Strategy and Sales Officer, Alkami, remarked:
“Alkami helps financial institutions achieve digital banking success by delivering the most advanced cloud-based digital banking platform on the market. Early technology adopters appreciate the importance of embracing Bitcoin opportunities. We are privileged to 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.”
Alkami had also confirmed the addition of NYDIG to its Gold Partnership Program offering “proven third-party solutions on the Platform.”
Partners represent exclusive technologies that have been carefully vetted before being “recommended to the Alkami client community. STAR Bank customers now have the option to buy, sell, and hold bitcoin alongside traditional accounts by easily accessing NYDIG’s secure, regulated, full-stack bitcoin platform embedded in the Alkami Platform,” the update revealed.
Patrick Sells, CIO at NYDIG added:
“Being able to log into the STAR mobile app and purchase bitcoin is simply a game-changer and means the future of bitcoin and banking has now arrived. Personally, this is a deeply satisfying accomplishment as STAR Bank was my hometown bank growing up in Indiana.”