Photo: Manasquan Bank
Manasquan Bank, a mutual community bank in New Jersey, has announced a partnership with the crypto company Bakkt to enable its customers to buy, sell, and store cryptocurrency through the bank's mobile app. The partnership of the companies is part of the Manasquan Bank's early adoption program for cryptocurrencies.
Manasquan Bank announced on Tuesday that it will provide the bank's customers with the ability to buy, sell, and store cryptocurrencies. Bank of New Jersey offers retail and business banking and has fifteen branches in Middlesex, Monmouth and Ocean counties. The service will be provided through a partnership with digital asset manager Bakkt. The program will begin in Q2 2022. James Vaccaro, the chair, president, and CEO of Manasquan Bank explained that the bank is focused on pioneering the future.
“We’re focused on driving growth and introducing new opportunities for our clients to participate in the digital economy,” Vaccaro said in a statement. “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.”
The new program provides Manasquan Bank customers with an entry point to adopt cryptocurrency as an additional asset option. Bakkt has taken a number of steps towards the end of 2021 and recently went public following the SPAC merger in mid-October. Bakkt also partnered with Google a week before the public listing. It announced last month that it plans to provide Ethereum (ETH) services. “This is an incredible opportunity to provide Manasquan Bank clients with an entry point to adopt cryptocurrency as an additional asset option,” Sheela Zemlin, the chief revenue officer at Bakkt remarked about the partnership with Manasquan Bank.
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