Bakkt Holdings, Inc. (NYSE: BKKT), a digital asset platform that enables consumers to purchase, sell, send and spend various cryptocurrencies, announced that Manasquan Bank, a NJ-headquartered mutual community bank with total consolidated assets of $2.7 billion, will be “participating in its early adopter program, which, when effective, will allow the bank’s retail clients to buy, sell and hold cryptocurrency through the bank’s mobile banking app.”
The announcement noted that Manasquan Bank will be making cryptocurrency access “simple and approachable within the digital banking environment their clients know and trust, while ensuring the bank is participating in this expanding space with the opportunity to break into new audience segments.”
The update also mentioned that Bakkt’s digital asset platform allows banks to “plug and play a crypto buy/sell/hold module which provides end clients with a seamless set up and quick access to multiple cryptocurrencies.” As noted in a release, Bakkt leverages a “regulatory-first approach to safely and securely custody these assets.”
Sheela Zemlin, CRO at Bakkt, stated:
“This is an incredible opportunity to provide Manasquan Bank clients with an entry point to adopt cryptocurrency as an additional asset option. It’s clear that cryptocurrency is the center of the Web3 economy, in which consumers can participate in new value creation and exchange with digital assets. Bakkt is proud to roll out new and innovative ways to this burgeoning economy, enabling a path to buy, sell and hold crypto as an extension of the consumer’s relationship with their trusted local bank.”
James Vaccaro, Chair, President and Chief Executive Officer of Manasquan Bank, remarked:
“Our developing partnership with Bakkt to introduce these new offerings and features comes at an exciting time when consumers continue to seek out crypto assets as an option for the acquisition of a portfolio of cryptocurrencies even if it is in very small increments to start, and without having to leave their existing, trusted banking environment.”
Bakkt’s early adopter program is “anticipated to launch in Q2 2022 and the bank’s participation is contingent upon the adoption by the bank’s core financial service provider,” the announcement revealed.
