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Sullivan Bank in Missouri Now Offers Bitcoin Services

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Sullivan Bank, a Missouri-based bank that was established in 1895, is stepping into the digital age. In a partnership with digital asset service provider Bakkt Holdings Inc., the bank will allow customers to buy, sell, and hold Bitcoin.

Customers will be able to engage with Bitcoin and other cryptocurrencies within their standard banking app, viewing those balances alongside their checking and savings accounts. Utilizing Bakkt's Crypto Connect platform is the next stage of evolution in an effort to better serve the changing needs of today's customers, said Sullivan Bank in a press release.

“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,” said Mallory Farrell, Chief Operating Officer.

For Bakkt, the partnership represents another step in the company's effort to bridge the gap between enterprise financial systems and the expanding market of digital assets.

“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,” said Mark Elliot, Head of Marketing & Sales, Bakkt. “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.”

For companies like Sullivan Bank who want to rapidly integrate Bitcoin and other cryptocurrencies into existing infrastructure, outsourcing these latter aspects of the process onto a specialized partner with greater expertise is a necessity.

Bakkt uses a combination of hot and cold wallet storage to hold Bitcoin and cryptocurrencies on behalf of its customers, but it is unclear whether or not the platform supports withdrawing Bitcoin to external wallets at this time.

Adan Kohnhorst is a globally-based writer and producer with a focus on alternative culture and emerging ideas. He’s a founding member of Shanghai-based media outlet RADII, and the founder of Mind Body Globe, a blog covering intersections of travel and wellbeing.

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