New Jersey’s Manasquan Bank Partners Bakkt to Allow its Clients Access to Crypto https://ift.tt/3phlICs

Digital asset manager Bakkt recently announced it has entered a partnership with New Jersey-based community bank Manasquan to enable the institution’s clients access to cryptocurrencies.

As part of the deal, Bakkt will enable the bank’s clients to participate in crypto services including buying, selling, and investing in digital assets via the bank’s mobile banking plication.

“This is an incredible opportunity to provide Manasquan Bank clients with an entry point to adopt cryptocurrency as an additional asset option… 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,” Sheela Zemlin, Chief Revenue Officer at Bakkt said.

Founded in 1874, Manasquan is a New Jersey-based community bank with combined assets of over $2.7 billion. It offers a variety of financial services to New Jersey residents, including business services and cash management, personal savings, home loans, and commercial lending. 

Commenting on the development, James Vaccaro, Chair, President and CEO of Manasquan Bank, said:

“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.”

Banks Meeting Clients’ Demands for Crypto

Large banks, traditional banks, and now community banks are now seeking every way possible to make digital assets available to their clients.

Over the years these banks have largely criticized crypto, but now that they have now seen its potential, more and more of them continue to enter the space.

The main reason why these banks are now offering these services is due to growing demands for them by their clients.

Meanwhile, just last week, the German savings bank committee dubbed “Sparkassen” announced plans to launch crypto services next year.

The service will allow Sparkassen clients to trade cryptocurrencies including Bitcoin, Ethereum, and others directly on their checking accounts.