New Jersey-based Manasquan Bank will participate in Bakkt Holdings’ early adoption program. When effective, it will allow the financial institution’s clients 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 her company offers Manasquan Bank clients as “incredible”. She predicted that cryptocurrencies would be the center of the Web3 economy, where people could participate in the creation of new value and trade 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 business is focused on growing and introducing new features for clients so they can join the digital financial world. He said the collaboration with Bakkt comes at a time when customers were 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.
Partnerships with Google and Mastercard
In early October, Bakkt expanded its cryptocurrency payment options by collaborating with Google. The initiative has allowed users to add their Visa Bakkt debit card and transact through digital assets anywhere 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 thereafter, Bakkt collaborated with Mastercard as the latter revealed its intention to integrate digital assets into many of its products and called on Bakkt to do so. At the same time, the cryptocurrency provider partnered with Fiserv and the idea was the same as the aforementioned.
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.
