Sullivan Bank, a commercial bank registered with the Federal Deposit Insurance Corporation (FDIC) in the United States, has partnered with cryptocurrency exchange Bakkt Holdings to provide crypto services to its customers.
The commercial bank intends to use Bakkt’s Crypto Connect innovation to enable its users to buy, sell, and hold cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).
The Crypto Connect innovation enables financial institutions such as Sullivan Bank to provide crypto services to their customers through the use of their tools.
Sullivan Bank was founded in 1895 and now offers its customers both commercial and lending options, as well as the ability to engage with cryptocurrencies through a partnership with Bakkt.
We are pleased to work with Sullivan Bank to offer their customers the option to buy Bitcoin and Ether on their trusted digital banking app. “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,” said Mark Elliot, Bakkt’s head of marketing and sales.
Customers of Sullivan Bank can now view their crypto balances alongside their checking and savings balances in one place thanks to the partnership.
However, the company cautioned that cryptocurrencies are not FDIC-insured and may lose value.
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