Bakkt, Sullivan Bank Team to Let Banking Customers Trade Crypto

Cryptocurrency platform Bakkt Holdings has joined forces with Sullivan Bank to let the bank’s customers buy, sell and hold bitcoin and Ethereum through the Bakkt Crypto Connect tool.

“We are pleased to work with Sullivan Bank to offer their customers the option to buy bitcoin and ether in their trusted digital banking app,” said Bakkt Chief Marketing Officer Mark Elliot in a Wednesday (Aug. 24) news release. “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.”

Sullivan Bank Chief Operating Officer Mallory Farrell said in the release the Bakkt platform will meld cryptocurrency capabilities with the bank’s existing banking platform, letting customers view their crypto balance as well as their checking and savings balance in one place.

“Given the current landscape of increasing interest in cryptocurrency, Bakkt Crypto Connect offers financial institutions the tools to meet consumer demand and provides crypto access to customers without leaving their banking institution,” the release stated.

PYMNTS spoke in May to Bakkt CEO Gavin Michael, who said he wasn’t concerned about the recent downturn in the crypto market.

Read more: Super Apps Unlock Creative Possibilities for Crypto, Loyalty Programs

“We think we’re past that inflection point of whether a company should have a crypto strategy,” said Michael. “We believe crypto has proven it’s here to stay. Consumers remain very interested in cryptocurrency and other digital assets. And that interest is really not waning.”

This is why Micahel argued at the time that companies of all sizes should now “be evaluating what their crypto strategy should be, based on their unique customer makeup and pain points.”

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