One of the leading digital assets platform, Bakkt Holdings, has entered into a partnership with 127-year-old U.S.-based Sullivan Bank to allow its clients to buy, sell and hold Bitcoin (BTC) and Ethereum (ETH).
According to the official blog post, Sullivan Bank said that it will start utilizing “Bakkt Crypto Connect” in order to provide crypto related services to its clients. Bakkt’s crypto platform will facilitate hosts of features including compliance, tax reporting, educational resources and customer care. The partnership will also allow the bank’s customers to view their crypto balance alongside their savings balance in one app. With this move, Bakkt, has managed to add another bank in its growing clientele base.
We are delighted to be working with @SullivanBank, to allow their bank customers to buy, sell and hold crypto in their trusted digital banking experience. #Connect2Crypto Read more: https://t.co/OfTY3USgUR pic.twitter.com/Ak4Qc2qtha— Bakkt (@Bakkt) August 24, 2022
Bakkt’s Platform to Strengthen Sullivan’s Crypto Offering
With the purpose to facilitate embedding bitcoin services into its existing infrastructure, Sullivan bank is leveraging Bakkt’s Crypto Connect platform. Institutions can leverage Crypto Connect through a connection of application-programmable interfaces (APIs) or through an embedded web experience. Mark Elliot, Head of Marketing & Sales, Bakkt seemed quite thrilled to work with Sullivan bank allowing its customers to use their crypto services. He said,
“To make the experience seamless for Sullivan Bank and its customers, we provide the full strength of Bakkt’s platform including compliance, tax reporting, educational resources and customer care.”
Founded in 1895, Sullivan Bank, seems to have realised the increasing interest in cryptocurrency among people all over the world. In order to meet consumer demand, the bank intends to provide crypto access to its customers. Mallory Farrell, COO of Sullivan Bank, assured that crypto accounts will be treated with utmost caution following stringent security and regulatory measures. He continued,
“Bakkt’s innovative platform will facilitate this new capability within our existing banking platform and customers will be able to view their crypto balance alongside their checking and savings balance all in the same place.”
Increasing Crypto Popularity Across the Globe
As digital assets rapidly gain popularity, banks across the world are now looking for ways to help educate them and provide crypto-related services. Recently, American Bank, selected the Bakkt crypto connect solution to enable their bank customers to buy, sell and hold Bitcoin and Ethereum. In October 2021, Mastercard, signed a deal with Bakkt to enable cryptocurrency card payments.
Launched in 2018, Bakkt, operates a technology platform for the management of digital assets. The platform includes an app where consumers can view and transact with assets including cryptocurrencies, loyalty and rewards points, airline miles, and gift cards. The service also includes a cryptocurrency exchange and wallet.