Manasquan Bank, a mutual community bank in New Jersey that has been serving residents since 1874, has announced a partnership with Bakkt to allow its retail clients to buy, sell, and hold cryptocurrency via the bank’s mobile banking app.
Customers will be able to use cryptocurrency at Manasquan Bank
Customers of a mutual community bank based in Wall Township, New Jersey, will be able to buy, sell, and hold cryptocurrencies. Manasquan Bank announced the decision in a press release issued by Bakkt Holdings, Inc. on Tuesday (NYSE: BKKT). The New Jersey bank has fifteen locations in Middlesex, Monmouth, and Ocean Counties, and provides personal and business banking services.
The partnership between Bakkt and Manasquan Bank is part of Bakkt’s early adopter program. The program will launch in the second quarter of 2022, pending “adoption by the bank’s core financial service provider.” Manasquan Bank’s chair, president, and CEO, James Vaccaro, explained that the bank is focused on forging ahead in the future.
In a statement, Vaccaro said, “We’re focused on driving growth and introducing new opportunities for our clients to participate in the digital economy.” “Our growing partnership with Bakkt to introduce these new offerings and features comes at an exciting time when consumers continue to seek out crypto assets as a way to build a cryptocurrency portfolio, even if it’s in small increments at first, and without having to leave their existing, trusted banking environment.”
‘Provides Manasquan Bank Clients with an Entry Point to Adopt Cryptocurrency as an Additional Asset Option,’ according to a Bakkt executive.
Bakkt has been making a number of moves in the lead up to the end of 2021, including going public in mid-October following a SPAC merger. The week before the public listing, Bakkt partnered with Google. Bakkt announced last month that it would start offering ethereum (ETH) services. “This is an incredible opportunity to provide Manasquan Bank clients with an entry point to adopt cryptocurrency as an additional asset option,” said Sheela Zemlin, Bakkt’s chief revenue officer, of the partnership.
The Bakkt executive went on to say:
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“Cryptocurrency is clearly at the heart of the Web3 economy, where consumers can participate in new value creation and trade digital assets.”
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