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Bakkt to allow Sullivan Bank customers to trade bitcoin, ethereum

Bakkt to allow Sullivan Bank customers to trade bitcoin, ethereum


Seeking Alpha
2022-08-24 12:49:11
Bakkt to allow Sullivan Bank customers to trade bitcoin, ethereum

Bakkt (NYSE:BKKT) stock drifted up as much as 3.1% in Wednesday premarket trading as the digital asset marketplace teamed up with Sullivan Bank to offer its customers the ability to trade bitcoin (BTC-USD) and ethereum (ETH-USD), the two largest cryptocurrencies by market cap.Sullivan Bank, founded in 1895, is leveraging Bakkt Crypto Connect, which offers financial institutions tools to provide crypto access to customers.“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, Bakkt's head of Marketing & Sales.Bear in mind that cryptos, unlike traditional cash deposits, are not FDIC-insured products.Looking at intraday crypto price action, bitcoin (BTC-USD) rose 0.4% to $21.44K in early trading, and ether (ETH-USD) gained 2.3% to $1.64K. Perhaps those upswings contributed to Bakkt's (BKKT) modest increase.In April, Bakkt to enable American Bank customers access to bitcoin, ether.

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