Bakkt to facilitate crypto services for Manasquan Bank retail clients

Bakkt to facilitate crypto services for Manasquan Bank retail clients

By Sam Grant - min read

Manasquan Bank will take part in Bakkt Holdings’ early adopter program expected in Q2 2022

Bakkt Holdings revealed via a press release on Tuesday that it has closed yet another partnership, this time with New Jersey’s Manasquan Bank. The community mutual bank would participate in Bakkt’s early adopter program slated for early Q2 next year. Once the program gets up and running, the bank's retail clients would then be allowed to buy, hold, and sell Bitcoin and other altcoins.

The plans is to have the crypto services available via the bank’s mobile app. Sheela Zemlin, the chief revenue officer at Bakkt, lauded the initiative as one that would offer the bank's customers an incredible opportunity to get into the world of crypto assets. She added that it was more so important as crypto is a critical component of the Web3 ecosystem and would, therefore, as an asset, offer value creation.

“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,” she noted.

James Vaccaro, Chair and President of the bank, said the partnership fell in line with the banks’ ambition to offer opportunities to clients. Vaccaro specifically singled out those wishing to participate in the digital economy. He added that consumers would be able to explore crypto as an asset option without having to venture out of their trusted banking environment.

“We’re focused on driving growth and introducing new opportunities for our clients to participate in the digital economy,” Vaccaro said in a statement.

Bakkt is spreading its tentacles 

At the beginning of October, Bakkt teamed up with Google to expand its crypto payment options. Through the endeavor, the digital assets manager enhanced utility of its Visa Debit Card as users could now transact directly using digital assets at merchants and locations that accept Google Pay.

The idea was to enable seamless conversion of crypto to fiat as money is sent into a recipient’s wallet. Thanks to the collaboration, Bakkt also gained access to Google Cloud tools that enabled it to scale analytics and integrate AI & machine learning onto its platform.

Before the end of October, the Georgia-based investment holding company joined forces with MasterCard as the payment services firm announced entry into the digital assets’ space. The latter taps on Bakkt as the preferred provider to integrate the assets into its products. This was followed by a relevation that the digital asset company was going into business with Fiserv to enhance mainstream crypto adoption. Bakkt has also previously worked with Quiznos and Starbucks in other cryptocurrency-related campaigns.