According to a press release, the digital asset service provider Bakkt Holdings Inc. partnered with Sullivan bank allow its customers to buy, sell and hold bitcoins and ethereum.
Sullivan bank embrace cryptocurrency.
According to COO Mallory Farrellthe partnership exists because of growing demand for cryptocurrencies from institutional clients. Nope only they can buy and sell, but they can also store bitcoin and ether in their bank accounts using the mobile app, he noted.
To facilitate the integration of Bitcoin services with the existing infrastructure of Sullivnthe bank operates the platform Crypto Connect of Bakkt. Institutions can take advantage of Crypto Connect through an API connection (Application Programmable Interface) or through an integrated web experience.
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Furthermore, Bakkt uses a mix of hot and cold storage to hold Bitcoins on behalf of its customers. However, it is unclear whether the platform supports Bitcoin withdrawals to external wallets.
Farrell added : “We are excited to offer clients the ability to access a growing and increasingly in-demand asset class with peace of mind regarding security and regulation.”
In addition, hot and cold wallet custody solutions from Bakkt are underwritten by a leading insurance company up to $125.00. The service provider also uses a multi-signature wallet as well as Shamir Secret Sharing with hardware modules for more security and peace of mind.
As a reminder, founded in 1895, Sullivan bank is one of the oldest banks. Additionally, she intends to continue serving the community for many years to come by enabling clients to operate in the digital economy without leaving the bank.
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