Bakkt Holdings Inc., a digital asset service provider, has partnered with Sullivan Bank to enable its customers to buy, sell and hold bitcoin and one other cryptocurrency, per a press release.
In order to facilitate embedding bitcoin services into Sullivn’s existing infrastructure, the 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.
Additionally, Bakkt uses a mixture of warm and cold wallet storage to hold custody of bitcoin on behalf of its customers. However, it is unclear whether or not the platform supports withdrawing bitcoin to external wallets.
Moreover, Bakkt’s warm and cold wallet custodial solutions are insured up to $125,00 from a leading insurer. The service provider also uses multi-signature wallets alongside Shamir Secret Sharing with hardware modules for added security and peace of mind.
“We are excited to provide opportunities for customers to access a growing and increasingly in-demand asset class with peace of mind with regard to security and regulation,” said Mallory Farrell, COO of Sullivan Bank.
“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,” continued Farrell.
Sullivan Bank has been serving its customers since 1895 and intends to continue serving its community for many years by allowing its customers to operate in the digital economy without needing to leave the bank.