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Manasquan Bank Selects Bakkt to Offer Retail Clients Access to Cryptocurrency
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
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Rhea-AI Summary
Bakkt Holdings, Inc. (NYSE: BKKT) announced that Manasquan Bank, a New Jersey community bank with $2.7 billion in assets, will join its early adopter program for cryptocurrency services. This collaboration aims to enable retail clients to buy, sell, and hold cryptocurrencies through the bank's mobile app, enhancing client access to digital assets. The launch is anticipated in Q2 2022, pending the adoption by the bank's core financial service provider. This partnership reflects a growing trend of integrating cryptocurrency into traditional banking services.
Positive
Partnership with Manasquan Bank enhances Bakkt's market reach.
Planned launch of cryptocurrency services in Q2 2022 aligns with increasing consumer interest.
Negative
Bank's participation is contingent upon adoption by a core financial service provider, introducing uncertainty.
Manasquan Bank modernizes its digital banking offerings by expanding access for clients to buy, sell and hold cryptocurrencies
ALPHARETTA, Ga.--(BUSINESS WIRE)--
Bakkt Holdings, Inc. (NYSE: BKKT), a trusted digital asset platform that enables consumers to buy, sell, send and spend a range of digital assets, today announced that Manasquan Bank, a NJ-based mutual community bank with total consolidated assets of $2.7 billion, will be participating in its early adopter program, which, when effective, will allow the bank’s retail clients to buy, sell and hold cryptocurrency through the bank’s mobile banking app.
Manasquan Bank will be making cryptocurrency access simple and approachable within the digital banking environment their clients know and trust, while ensuring the bank is participating in this expanding space with the opportunity to break into new audience segments. Bakkt’s modern digital asset platform allows 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,” said 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.”
“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. “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 early adopter program is anticipated to launch in Q2 2022 and the bank’s participation is contingent upon the adoption by the bank’s core financial service provider.
About Bakkt:
Bakkt is a trusted digital asset platform that enables consumers to buy, sell, store and spend digital assets. Bakkt’s platform, now available through the Bakkt App and to partners, amplifies consumer spending and bolsters loyalty programs, adding value for all key stakeholders within the Bakkt payments and digital assets ecosystem. Launched in 2018, Bakkt is headquartered in Alpharetta, GA. For more information, visit: https://www.bakkt.com/ | Twitter @Bakkt | LinkedIn https://www.linkedin.com/company/bakkt/
Bakkt-C
Source: Bakkt Holdings, Inc.
About Manasquan Bank:
Manasquan Bank, a mutual community bank with consolidated assets of $2.7 billion, is headquartered in Wall Township, NJ. The Bank has been serving New Jersey residents since 1874 and continues to pioneer the future of banking with both traditional and digital solutions. The bank offers a full line of personal & business services, and operates fifteen branch locations throughout Middlesex, Monmouth & Ocean Counties. Manasquan Bank proudly supports community-focused, non-profit initiatives through the Manasquan Bank Charitable Foundation. For more information, visit www.manasquan.bank.
