Sullivan Bank and Bakkt Holdings have partnered up to offer crypto trading at the bank, according to a recent press release. Customers will be able to hold, sell and buy both Ethereum (ETH) and Bitcoin (BTC) at the bank.
Sullivan Bank is one of the older banks in the United States, founded in 1895. According to COO Mallory Farrel, the partnership exists due to the growing demand for crypto among institutional customers. He stressed that they will be able to not only buy and sell but also store Bitcoin and Ethereum in their bank accounts using the mobile app.
“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,” Farrell says.
Bakkt’s Mark Elliot, who is in charge of Marketing and Sales at the company, assures users that they will do their utmost to give the bank’s users a seamless experience with crypto. “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 shares in the statement.
An exact release date for the Bakkt implementation for Sullivan Bank has yet to be announced.