Manasquan Bank of New Jersey has selected Bakkt Holdings, Inc. as its partner platform for providing digital currency services to its customers.
Manasquan Bank is a mutual bank headquartered in Manasquan that manages almost $3 billion in assets. The bank’s retail clients will now be able to sell, purchase, and hold digital currencies through the bank’s new services, which are being launched in partnership with Bakkt, a crypto custody organization geared toward institutions. This is the start of a new wave of digital currency adoption. Banks become aware that their clients are bored with traditional investing and transaction methods and prefer to engage in new investment and transaction methods.
In a recent interview, James Vaccaro, chairman, president, and chief executive officer of Manasquan Bank, stated:
We’re working hard to grow our business and find new ways for our clients to be part of the digital economy. We are working with Bakkt to bring these new offerings and features to the market, and it’s a great time because people are still looking for ways to buy a lot of cryptocurrencies even if they start with small amounts and don’t want to leave their current banking environment.
Bakkt has been one of the most interesting – and divisive – cryptocurrency platforms to date. The startup was introduced in 2018, but it took more than a year to get started. When it launched in the latter half of 2019, the company encountered significant resistance from traders, with deficient trading activity during its debut weeks on the market.