On Wednesday (August 24), digital assets platform Bakkt Holdings, Inc. (NYSE: BKKT) announced that it had partnered with 127-year-old U.S.-based Sullivan Bank to allow latter to offer — via Bakkt® Crypto Connect — a crypto trading service to its customers.
Here is Sullivan Bank’s overview of its past and present:
“In 1895, when Sullivan had a population of 750, the bank opened with assets of less than $7,000. Built on a solid foundation, serving the communities with sound management and integrity, the bank has grown to serve nine Missouri communities; Sullivan (1895), Cuba (1999), Union (2000), Labadie (2006), Pleasant Hope and Sunrise Beach (2012), Springfield (2015), St. Clair (2021) and Eureka (2021).
“With strong core values of commitment, integrity, approachability and innovation the bank has strived to continue to strengthen relationships, improve services and explore opportunities in the communities we serve. The Bank is a locally owned financial institution chartered by the State of Missouri. It is a member of the Federal Deposit Insurance Corporation (FDIC).“
According to Bakkt’s press release, Mark Elliot, Head of Marketing & Sales at Bakkt, had this to say:
“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. 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.“
And Mallory Farrell, who is the Chief Operating Officer of Sullivan Bank, stated:
“We are excited to provide opportunities for customers to access a growing and increasingly in-demand asset class with peace of mind with regard to security and regulation. Bakkt’s innovative platform will facilitate this new capability within our existing banking platform and customers will be able to view their crypto balance alongside their checking and savings balance all in the same place.“
Featured Image via Pixabay