Manasquan Bank in New Jersey has chosen Bakkt Holdings, Inc. to be its partner platform in offering customers digital currency services.
Manasquan Bank and Bakkt… The Perfect Pair?
Manasquan Bank is a community-based mutual bank that manages nearly $3 billion in assets. The bank’s retail clients will now be able to sell, buy, and hold digital currencies through the firm’s new services, which are being initiated through Bakkt, a crypto custody enterprise designed primarily for institutions. This marks a whole new wave of digital currency adoption in that banks are becoming privy to the fact that their customers are tired of old ways of doing things and would like opportunities to engage in new types of investing and transaction methods.
James Vaccaro – chair, president, and chief executive officer of Manasquan Bank – stated in a recent interview:
We’re focused on driving growth and introducing new opportunities for our clients to participate in the digital economy. 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.
Sheela Zemlin – chief revenue officer at Bakkt – also threw her two cents into the ring, 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. 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.
Bakkt has been one of the most intriguing – and controversial – crypto platforms ever introduced. The company was first announced in 2018, but ultimately took more than a year to finally get off the ground. When it was released in the latter half of 2019, the company failed to make any sort of headway with traders, experiencing very low trading volume during its initial weeks on the market.
As a result, bitcoin’s price – which was more than $9,000 at the time – instantly fell into the low $8,000 range. Things ultimately took an even uglier turn from there, as the asset ended the year in the mid-$7,000 range.
A Shaky Start…
However, since then, Bakkt has garnered a lot more positive attention and been making headway in the field of cryptocurrency adoption, helping standard institutions and businesses alike not only offer crypto services to their customers, but also begin accepting crypto payments for everyday products.
Manasquan Bank has been around for more than 140 years, serving its community since 1874.