Manasquan Bank to offer Bitcoin to “regular people” via Bakkt
The early adopter program will launch in Q2 2022, but Manasquan Bank’s participation is contingent upon the adoption by its core financial service provider.
Manasquan Bank, an NJ-based mutual community bank with total consolidated assets of $2.7 billion, has partnered with Bakkt Holdings to bring its clients into the digital asset space.
The bank will be participating in Bakkt’s early adopter program in order to allow retail clients to buy, sell and hold cryptocurrency through the bank’s mobile banking app.
The news comes the day after Adam White resigned as president of the ICE-backed crypto startup, nearly three years after taking the job.
Crypto for everyday people
This is a major move for the banking industry in the United States as most banks that have integrated digital assets into their offering usually only cater to institutional investors.
By partnering with Bakkt, Manasquan Bank is making Bitcoin et al. approachable for the everyday person in the United States, an opportunity to break into new audience segments.
The early adopter program will launch in Q2 2022, but Manasquan Bank’s participation is contingent upon the adoption by the core financial service provider.
FinanceFeeds webinar: Expert panel to discuss market data for multi-asset brokerages
Bakkt built a plug and play for banks
Bakkt has built a digital asset platform that allows banks to plug and play a crypto buy/sell/hold module which provides end clients with a seamless setup and quick access to multiple cryptocurrencies. Bakkt leverages a regulatory-first approach to safely and securely custody these assets.
Sheela Zemlin, Chief Revenue Officer, Bakkt, said: “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, 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.”
