New Jersey’s Manasquan Bank taps Bakkt for crypto services
New Jersey-based mutual community bank Manasquan Bank has selected digital assets firm Bakkt as it looks to provide its retail customers access to cryptocurrency.
The partnership will see the bank take part in Bakkt’s “early adopter program”, which is due to launch in Q2 2022.
Bakkt adds that Manasquan’s participation “is contingent upon the adoption by the bank’s core financial service provider”.
The move will allow Manasquan Bank’s retail customers to buy, sell, and hold crypto using its mobile banking app.
Based in Wall Township, NJ, the bank has been serving New Jersey residents since 1874 and currently claims around $2.7 billion in assets under management.
It currently operates 15 branch locations throughout Middlesex, Monmouth, and Ocean Counties.
Bakkt, which secured a $300 million Series B funding round in March last year, says its digital asset platform “allows banks to plug and play a crypto buy/sell/hold module” that gives users access to “multiple cryptocurrencies”.
It adds its solution “leverages a regulatory-first approach to safely and securely custody these assets”.
The move follows Bakkt’s partnership with Mastercard in October as the payments giant aims to make it easier for its customers to integrate and offer cryptocurrency solutions.