- Manasquan Bank has chosen Bakkt to provide cryptocurrency access to its retail customers.
- The bank is modernizing its digital banking services by allowing customers to buy, sell, and hold cryptocurrency.
Manasquan Bank, a mutual community bank situated in New Jersey with total consolidated assets of $2.7 billion, has joined Bakkt Holdings, Inc. (NYSE: BKKT), a trusted digital asset platform that enables users to buy, sell, send, and spend a variety of digital assets. In addition, it will take part in the bank’s early adopter program, which will enable retail customers to buy, sell, and store cryptocurrencies through the bank’s mobile banking app once it is operational.
Manasquan Bank will make cryptocurrency access approachable and straightforward inside the digital banking environment that their consumers are familiar with while also ensuring that the bank participates in this growing market with the potential to reach new audiences.
Bakkt’s modern digital asset platform enables banks to plug and play a crypto buy/sell/hold module, giving end-users a simple setup and instant access to various cryptocurrencies. In addition, Bakkt uses a regulatory-first strategy to keep these assets safe and secure.
“This is a fantastic opportunity to introduce cryptocurrencies as an extra asset choice to Manasquan Bank clients,” said Sheela Zemlin, Bakkt’s Chief Revenue Officer.
“Cryptocurrency is clearly at the heart of the Web3 economy, where users may engage in new value creation and trade digital assets. Bakkt is excited to bring new and innovative solutions to this emerging market, including a mechanism for consumers to purchase, sell, and keep crypto as an extension of their connection with their trusted local bank.”
Bakkt’s early adopter program is expected to commence in Q2 2022, with the bank’s participation reliant on the bank’s primary financial service provider’s adoption.