The early adoption program will launch in the second quarter of 2022, but Manasquan Bank’s participation is dependent on adoption by its main financial services provider.
Manasquan Bank, a New Jersey-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 participate in Bakkt’s Early Adoption Program to enable retail customers to buy, sell and hold cryptocurrency through the bank’s mobile banking app.
The news comes the day after Adam White stepped down as chairman of the ICE-backed crypto startup, nearly three years after taking the job.
Crypto for ordinary people
This is a major breakthrough for the banking industry in the United States, as most of the banks that have integrated digital assets into their offering are generally only targeting institutional investors.
By partnering with Bakkt, Manasquan Bank makes Bitcoin et al. accessible to the everyday person in the United States, an opportunity to penetrate new audience segments.
The early adoption program will launch in the second quarter of 2022, but Manasquan Bank’s participation is dependent on adoption by the major financial services provider.
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Bakkt built a plug and play for banks
Bakkt has built a digital asset platform that allows banks to plug in and play a crypto buy / sell / hold module that provides end customers with seamless setup and quick access to multiple cryptocurrencies. Bakkt takes advantage of a regulatory-driven approach to keep these assets safe.
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 is clear that cryptocurrency is at the center of the Web3 economy, in which consumers can participate in the creation of new values and trade with digital assets. Bakkt is proud to deploy new and innovative ways for this booming economy, making it possible to buy, sell and hold cryptos as part of the consumer’s relationship with their trusted local bank.
James Vaccaro, President, President and CEO of Manasquan Bank, said: “We are focused on growing 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 acquiring a cryptocurrency wallet, albeit by very small. increments to begin with, and without having to leave their existing trusted banking environment.