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Sullivan Bank and Bakkt Holdings, a digital asset service provider, have announced their collaboration to enable Sullivan Bank’s users to trade or hold bitcoin and other crypto assets by leveraging Bakkt’s Crypto Connect feature.
They have announced this partnership in a press release and remarked on the prominence of Bakkt’s Crypto Connect and its major role in embedding digital asset services into Sullivan Bank’s ecosystem.
Bakkt utilizes cold and warm wallets to hold the BTC for its customers. One thing that is still not clear is whether the platform allows withdrawing funds (BTC) to external wallets.
These custodial wallets are insured with $125,000 funds from a premier insurer. In addition, these are backed with the multisig wallet functionality and Shamir Secret Sharing to provide extra security to the customers’ funds.
Mark Elliot, Head of Marketing & Sales at Bakkt, said that they, as a company, are pleased to partner with Sullivan Bank to open new doors for their users to trade crypto assets with their trusted digital app.
He further talked about how Bakkt is pushing hard to provide a seamless experience to Sullivan Bank and its customers by integrating different features into their platform, including tax reporting, compliance, customer care, and educational resources.
Mallory Farrell, COO of Sullivan Bank, also stated that they are thrilled about this partnership as this may come out as an excellent way for their customers to access digital asset classes with utmost security and laws.
She further added that with this partnership, customers could look at their crypto balance and savings simultaneously in a single place without any hassles.
Sullivan Bank was founded in 1985 and is one of the oldest financial institutions serving its community with the aim to constantly improve and reinforce its services, build robust customer relationships, and look for new growth opportunities to develop themselves and eventually empower their customers.
With this partnership, Sullivan seeks new development opportunities and intends to provide a better customer experience to its users, as Bakkt Crypto Connect allows users to manage crypto assets without switching or leaving their financial institution.
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