According to recent reports, New Jersey-based financial entity Manasquan is partnering up with crypto service provider Bakkt. The partnership will enable Manasquan bank clients to access digital assets, having freedom to explore Bakkt holdings cryptocurrency asset listings.
Manasquan Bank to Join the Crypto Bandwagon
The Manasquan bank, which has its headquarters in New Jersey, is looking forward to helping its clients and future customers acquire digital currencies. The community bank, which holds over $2.7B in consolidated assets, will join Bakkt holding’s program in order to enable its clients to sell, buy and hold cryptocurrencies. The latter expects to launch the adopter program in the early months of 2022.
The CEO of Bakkt, Sheela Zemlin, spoke about the collaboration saying:
“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.”
Manasquan Bank looks forward to offering cryptocurrency assets to its retail customers, amid the spiking interest in the need of purchasing crypto globally. According to the bank’s CEO, James Vacarro, the move to join forces with Bakkt will help them achieve the goal of availing cryptocurrency as an additional asset option. Moreover, he said that the bank will eventually create a ‘trusted banking environment’ that will involve digital currencies seamlessly.
Bakkt Holdings to Improve Crypto Adoption
Following the announcement of its partnership with Manasquan, BKKT shares surged almost 2% in 24H. Yesterday, the stock saw a 6% uproar, although it is still struggling to hit its recent highs. The digital asset service provider also saw a price rise in shares a few months ago when it announced its partnership with digital payment provider Mastercard.
Manasquan Bank could have chosen Bakkt as its digital currency backer because of its proficiency in the crypto space. According to Manasquan Bank’s blog, Bakkt is creating more ways to improve the usage and development of the cryptocurrency industry. The digital asset platform plans to connect banks to the digital currency industry, seeing how fast it has grown in recent times. Manasquan Bank CEO spoke of Bakkt holdings’ future plans, saying:
“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.”
