Bakkt Holdings and Sullivan Bank have collaborated to provide crypto services to bank users. Accordingly, clients would be allowed to sell, buy, and hold BTC and ETH at the bank.
Sullivan Users To Enjoy Seamless Experience
Meanwhile, Sullivan Bank, which was formed in 1895, is among the oldest banks in the US. As stated by the Bank’s COO, Mallory Farrel, the increasing demand for cryptocurrency among institutional investors led to the partnership.
In addition, he noted that customers would now be able to sell, buy, and store BTC and ETH using the bank’s mobile application.
“We are happy to announce the latest development to our customers. This would allow them to access crypto assets which are growing and in high demand. Also, the bank would provide regulation and security for them,” Farrell stated.
Also, Mark Elliot, Bakkt’s executive for Sales and Marketing, assured the users of the bank of its complete support. He said the institution would ensure users have a stress-free experience using cryptocurrencies.
Elliot said the platform would provide tax reporting, customer care, educational resources, and compliance. This is to help users abide by regulations while using digital currencies.
According to the report, this new partnership aligns with the firm’s goal to unlock more opportunities for its users in the US. The bank also wants to increase user engagement and meet customers’ needs.
Sullivan Bank Educates Users about Cryptocurrency
Meanwhile, the financial institution notified users that digital currencies are not under the protection of the US FDIC (Federal Deposit Insurance Corporation). As a result, they are not secured against theft or losses.
Also, the bank told them that cryptocurrencies could drop in value since it is very volatile. It advised investors to be careful about their investments. However, the bank did not announce specific data for the implementation of the initiative.
Apart from Sullivan Bank, other financial institutions have entered the crypto industry. They have taken steps to cement their portion in this nascent market that is gaining popularity.
Last month, Coinfomania said KEB Hana Bank entered an agreement with The Sandbox, a popular metaverse platform. The agreement aims to allow the bank to provide metaverse services to users.
As per the report, the South Korean bank will launch digital branches in the metaverse. At these digital branches, it would offer banking services and more opportunities for users on The Sandbox.
The bank also wants to release content on K-Virtual, a Korean digital platform. This content containing Korean culture and K-Pop will attract more customers in the region.