Manasquan Bank to Partner with Bakkt to Offer Retail Clients Access to Cryptocurrency

Manasquan Bank, a community bank headquartered in New Jersey with consolidated assets of $2.7 billion, has formed a partnership with the trusted digital asset platform Bakkt Holdings, Inc. (Bakkt) to enable its retail clients to buy, sell and hold cryptocurrency through the bank’s mobile banking app.

According to the official press release, with the collaboration, 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.

“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 stated that its early adopter program was expected to roll out in Q2 2022, and the bank’s participation was contingent upon the adoption by the bank’s core financial service provider.

In mid-November, Fazzaco reported that Bakk has reported its key financial metrics for the third quarter ended September 30, 2021, unveiling that the net revenue reached $9.1 million, 38 percent higher compared to $6.6 million in same period of previous year.