Digital asset platform, Bakkt Holdings, has strengthened the expansion of Manasquan Bank, an NJ-based mutual community bank into cryptocurrency.
With total consolidated assets of $2.7 billion, the bank will be participating in its early adopter programme, which, when effective, will allow its retail clients to buy, sell and hold cryptocurrency through the bank’s mobile banking app.
James Vaccaro, Chair, President and Chief Executive Officer of Manasquan Bank, commented: “We’re focused on driving growth and introducing new opportunities for our clients to participate in the digital economy.
“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 modern digital asset platform seeks to allow 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. Bakkt leverages a regulatory-first approach to safely and securely custody these assets.
“This is an incredible opportunity to provide Manasquan Bank clients with an entry point to adopt cryptocurrency as an additional asset option,” added Sheela Zemlin, Chief Revenue Officer, Bakkt. “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.”