Bakkt Holdings to Provide Cryptocurrency Services to Manasquan Bank Clients

  • December 22, 2021


New Jersey-based Manasquan Bank will participate in Bakkt Holdings’ early adopter program. When effective, it will enable customers of the financial institution to buy, sell, and hold cryptocurrencies.

Bakkt Inks Another Partnership

According to a recent press release, Bakkt’s project is anticipated to launch in Q2 2022. Initially, the platform will provide an entry point to adopt cryptocurrencies only to retail clients of Manasquan Bank. When the early adopter program gets effective, those users will be able to buy, sell, and hold bitcoin and alternative coins through the bank’s mobile application.

Sheela Zemlin – Chief Revenue Officer at Bakkt – described the opportunity which her firm provides to Manasquan Bank customers as “incredible.” She predicted that cryptocurrencies will be the center of the Web3 economy, where people could participate in new value creation and exchange 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,” the executive concluded.

James Vaccaro – President and CEO of Manasquan Bank – said his company is focused on driving growth and introducing new features to clients so they can join the digital financial world. He stated that the collaboration with Bakkt comes at a time when customers have been looking for ways to enter the cryptocurrency space.

Bakkt Holdings is among the leading digital asset platforms. Two months ago, the firm joined the likes of Coinbase and had its shares listed on the New York Stock Exchange (NYSE). It started trading under the ticker symbols BKKT and BKKT WS.

The Partnerships with Google And Mastercard

At the beginning of October, Bakkt expanded its cryptocurrency payment options by collaborating with Google. The initiative enabled users to add their Bakkt Visa Debit Card and make transactions via digital assets wherever Google Pay is accepted.

The crypto firm would also use Google Cloud as its preferred cloud provider to market its services to leading US retailers and merchants.

Shortly after, Bakkt collaborated with Mastercard as the latter revealed plans to integrate digital assets into many of its products and tapped Bakkt to do so. At the same time, the cryptocurrency provider partnered with Fiserv, and the idea was identical to the aforementioned one.

Interestingly, the news had a dramatic impact on Bakkt’s stock prices. They surged from $11.5 to a daily high of $42.5, which represented a 270% increase in a matter of a single trading day.

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