Manasquan Bank retail customers could soon be buying, selling and holding cryptocurrency through a partnership with digital assets fintech Bakkt.
The mutual community bank, based in the US State of New Jersey, has agreed to participate in Bakkt’s early adopter cryptocurrency programme launching in Q2 2022, subject to certain conditions.
Bakkt’s digital asset platform allows banks such as Manasquan to plug a crypto buy/sell/hold module into their own mobile apps, providing quick and easy access to retail customers interested in trading and investing.
James Vaccaro, chair, president and chief executive officer at Manasquan Bank, says the partnership represents a new opportunity “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.”
Sheela Zemlin, chief revenue officer at Bakkt, adds: “This is an incredible opportunity to provide Manasquan Bank clients with an entry point to adopt cryptocurrency as an additional asset option.”