Bakkt Holdings partnered with Missouri’s Sullivan Bank to offer its customers access to bitcoin.
It is unclear whether users can withdraw bitcoin to external wallets from the Crypto Connect platform of Bakkt, which supports both warm and cold wallet storage.
Users can view their bitcoin and bank account balances in the same app.
According to a press release, Bakkt Holdings Inc., a provider of digital asset services, has partnered with Sullivan Bank to enable its customers to buy, sell, and hold bitcoin and one other cryptocurrency.
To facilitate the incorporation of bitcoin services into Sullivn’s existing infrastructure, the bank is utilizing the Crypto Connect platform from Bakkt. Through a connection of application programming interfaces (APIs) or an embedded web experience, institutions can leverage Crypto Connect.
In addition, Bakkt uses a combination of warm and cold wallet storage to hold custody of customers’ bitcoin. It is unclear, however, whether the platform supports bitcoin withdrawals to external wallets.
In addition, the warm and cold wallet custodial solutions provided by Bakkt are insured up to $125,000 by a leading insurer. In addition to Shamir Secret Sharing with hardware modules, the service provider employs multi-signature wallets for added security and peace of mind.
Sullivan Bank’s chief operating officer, Mallory Farrell, remarked, “We are thrilled to offer customers access to a growing, in-demand asset class while ensuring their safety and compliance.”
Farrell continued, “Bakkt’s innovative platform will enable this new capability on our existing banking platform, and customers will be able to view their crypto balance alongside their checking and savings balances.”
Sullivan Bank has been serving its customers since 1895 and plans to continue doing so for many years to come by enabling its customers to participate in the digital economy without leaving the bank.