Digital Assets: Manasquan Bank Enables Crypto Transactions Via Bakkt
Manasquan is a New Jersey-based mutual community bank established in 1874, currently having assets of $2.7 billion.
Manasquan Bank will soon allow its clients to buy, sell and hold cryptocurrency through its mobile banking app via an arrangement with digital asset platform Bakkt Holdings (NYSE: BKKT). Bakkt’s platform allows banks to easily integrate a crypto buy/sell/hold module that enables their customers a quick and easy, regulated access to cryptocurrencies along with secure custody. (Manasquan Bank)
“We’re focused on driving growth and introducing new opportunities for our clients to participate in the digital economy”, said James Vaccaro, Chair, President and Chief Executive Officer of Manasquan Bank, in a statement. “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.”
Manasquan an early adopter at Bakkt
Subject to adoption by its core financial services provider, Manasquan will roll out crypto services through Bakkt’s early adopter program – expected to roll out in Q2 of 2022.
Wall Township, NJ-headquartered Manasquan offers community banking spanning mortgages, construction loans, business loans, and everyday banking like checking and savings accounts. It operates 15 branches across the Middlesex, Monmouth & Ocean Counties.
“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,” said Sheela Zemlin, Chief Revenue Officer, Bakkt. “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.”
Related Story: Bakkt’s Virtual Visa Debit Card To Work With Google Pay
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