Cryptocurrency platform Bakkt Holdings has joined forces with Sullivan Bank to enable the bank’s customers to buy, sell and hold bitcoin and Ethereum using the Bakkt Crypto Connect tool.
“We’re pleased to work with Sullivan Bank to offer their customers the option to buy bitcoin and ether in their trusted digital banking app,” Bakkt Chief Marketing Officer Mark Elliot said in a Wednesday press release (August 24). “To make the experience seamless for Sullivan Bank and its customers, we offer the full strength of the Bakkt platform, including compliance, tax reporting, educational resources and customer support.
” Sullivan Bank COO Mallory Farrell said in the statement that the Bakkt platform will combine cryptocurrency capabilities with the bank’s existing banking platform, allowing customers to view their crypto balance as well as their checking balance and savings in one place. “Given the current landscape of growing interest in cryptocurrency, Bakkt Crypto Connect gives financial institutions the tools to meet consumer demand and provide crypto access to customers without leaving their banking institution,” the statement said.
PYMNTS spoke to Bakkt CEO Gavin Michael in May, who said he wasn’t worried about the recent crypto market crash. Read more: Super Apps Unlock Creative Possibilities for Crypto and Loyalty Programs “We think we’ve passed that tipping point of whether a company should have a crypto strategy,” Michael said. “We think crypto has proven that it’s here to stay. Consumers remain very interested in cryptocurrency and other digital assets.
And that interest really isn’t waning.” That’s why Micahel argued at the time that companies of all sizes should be “evaluating what their crypto strategy should be, based on their unique customer makeup and their problems.