According to a press release, the digital asset service provider Bakkt Holdings Inc. partnered with Sullivan Bank. The collaboration allow bank customers to buy, sell and hold bitcoins and ethereum.
Sullivan bank embrace cryptocurrency.
According to COO Mallory Farrellthe partnership exists because of growing demand for cryptocurrencies from institutional clients. Nope only they can buy and sell, but they can also store bitcoin and ether in their bank accounts using the mobile app.
To facilitate the integration of Bitcoin services with the existing infrastructure of Sullivnthe bank operates the platform Crypto Connect of Bakkt. Institutions can take advantage of Crypto Connect via an API connection or via an integrated web experience.
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Furthermore, Bakkt uses a mix of hot and cold storage to hold Bitcoins on behalf of its customers. However, it is unclear whether the platform supports Bitcoin withdrawals to external wallets.
Farrell added : “We are delighted to offer clients the opportunity to access a growing and increasingly demanded asset class. This with complete peace of mind when it comes to safety and regulations”.
In addition, hot and cold wallet custody solutions from Bakkt are underwritten by a leading insurance company up to $125.00. The service provider also uses a multi-signature wallet as well as Shamir Secret Sharing with hardware modules. So this whole solution will bring more security and peace of mind for customers.
As a reminder, founded in 1895, Sullivan bank is one of the oldest banks. In addition, she intends to continue serving the community for many years to come. This by enabling customers to operate in the digital economy without leaving the bank.
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