Digital assets firm Bakkt Holdings, Inc. (NYSE: BKKT) has partnered with Sullivan Bank in a collaboration that will see the bank’s customers access crypto services via the Bakkt platform.
Sullivan Bank will tap into Bakkt’s Crypto Connect solution to allow its customers buy, sell and hold the cryptocurrencies, the companies said in a press release. As noted in the announcement, the first of the assets accessible to the bank’s customers are Bitcoin (BTC/USD) and Ethereum (ETH/USD).
Customers will access the service via their digital banking app, Bakkt head of marketing and sales Mark Elliot said in a statement.
“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,” Elliot added.
Demand for crypto asset class
Sullivan Bank was founded in 1895 and is one of several financial institutions to explore new opportunities for its clients. Bakkt, launched in 2018 by the Intercontinental Exchange (ICE), offers crypto payments and digital assets custody and is a great gateway to crypto. The platform has in recent months partnered Nexo (NEXO/USD) for crypto custody services and Mastercard to enable banks explore the burgeoning crypto industry.
With its Bakkt App and customer loyalty programmes among other products, the platform offers those new to crypto an easy and secure way to explore supported digital assets.
And as crypto as an asset class continues to see fresh demand among investors, Sullivan Bank believes using a regulated platform like Bakkt is important to customers. Mallory Farrell, the bank’s COO noted:
“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.”
Given recent warnings from the Federal Deposit Insurance Corporation (FDIC) to several crypto platforms and caution to the public, customers are reminded that “crypto assets are not FDIC-insured products and may lose value.”
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