- Bakkt stores its clients’ cryptocurrency in a combination of hot and cold wallets.
- Founded in 1895, Sullivan Bank is among the nation’s oldest financial institutions.
A press release from Bakkt Holdings Inc., a digital asset service provider, and Sullivan Bank announced their partnership to provide bitcoin and other cryptocurrencies to the bank’s clients.
Sullivan is utilizing Bakkt’s Crypto Connect technology to incorporate bitcoin services into the bank’s current setup. Crypto Connect may be used by organizations of all sizes thanks to its API integration and embedded web experience.
Bakkt further stores its clients’ cryptocurrency in a combination of hot and cold wallets. It is not obvious, however, whether the platform allows for Crypto withdrawals to external wallets.
Access Without Leaving the Bank
In addition, Bakkt’s hot and cold wallet custodial solutions are covered by insurance from a major provider up to $125,000, as per the platform. In addition to Shamir Secret Sharing implemented through hardware modules, the service provider makes use of multi-signature wallets to ensure the safety of its customers’ funds.
Founded in 1895, Sullivan Bank is among the nation’s oldest financial institutions. Chief Operating Officer Mallory Farrel has said that the alliance was formed to meet the rising demand for cryptocurrency among institutional clients. Using the smartphone app, he emphasized, users would be able to do more than just purchase and sell Bitcoin and Ethereum; they will also be able to hold these digital assets in a secure manner, right alongside their traditional bank funds.
However, Sullivan Bank has not yet declared a specific release date for the implementation of Bakkt. The bank plans to be around for a long time by letting its clients participate in the digital economy without ever leaving the bank.
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