U.S. Commercial Bank Sullivan Now Offering Bitcoin Services To Its Clients

U.S. Commercial Bank Sullivan Bank Partners With Bakkt to Offer Crypto Services.

Sullivan Bank, a United States-based commercial bank registered under the Federal Deposit Insurance Corporation (FDIC), has partnered with cryptocurrency exchange Bakkt Holdings to offer crypto services to its customers. 

According to the announcement, the commercial bank plans to leverage Bakkt’s Crypto Connect innovation to enable its users to buy, sell, and hold cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH).

The Crypto Connect innovation allows financial institutions like Sullivan Bank to provide crypto services to customers using its tools. 

Sullivan bank was established in 1895 the bank company offers its clients both commercial and lending options, and now, through the partnership with Bakkt, its customers can engage with cryptocurrencies. 

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,” said Mark Elliot, head of marketing and sales at Bakkt. 

Under the partnership, Sullivan Bank’s customers can view their crypto balances alongside their checking and savings balances in one place. 

The company, however, warned that cryptocurrencies are not FDIC-insured and can lose value.