- Bakkt stores its clients’ cryptocurrencies in a range of hot and cold wallets.
- Founded in 1895, Sullivan Bank is among the oldest financial institutions in the country.
Sullivan uses Bakkt’s Crypto Connect technology to integrate bitcoin services into the bank’s existing setup. Crypto Connect can be used by organizations of all sizes thanks to the integration of the API and the built-in web experience.
Bakkt stores its clients’ cryptocurrencies in a mixture of hot and cold wallets. However, it is not clear if the platform allows Crypto withdrawals to external wallets.
Access without leaving the bank
Additionally, Bakkt’s hot and cold wallet solutions are covered by insurance from a major provider of up to $125,000, according to the platform. In addition to Shamir Secret Sharing implemented through hardware modules, the service provider uses multiple signature wallets to ensure the safety of its clients’ funds.
Founded in 1895, Sullivan Bank is among the oldest financial institutions in the country. Chief Operating Officer Mallory Farrell said the alliance was formed to meet the growing demand for cryptocurrency among institutional clients. He stressed that by using the smartphone app, users will be able to do more than just buy and sell Bitcoin and Ethereum. They will also be able to hold these digital assets in a secure manner, along with their traditional bank funds.
However, Sullivan Bank has not yet announced an exact launch date for Bakkt’s implementation. The bank plans to stay long by allowing its customers to participate in the digital economy without leaving the bank.
Recommended for you:
DBS Bank reports a surge in cryptocurrency buying on DDEx exchange
#Sullivan #Bank #Bakkt #Collaborate #Provide #Cryptocurrency #Trading