Visa Cryptocurrency Partners

Manasquan Bank partners with Bakkt, plans crypto services provision

Manasquan Bank partners with Bakkt, plans crypto services provision
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Manasquan Bank will participate in Bakkt Holdings’ early adoption program expected in the second quarter of 2022

Bakkt Holdings revealed through a press release Tuesday that it has closed another partnership, this time with Manasquan Bank of New Jersey. The joint community bank is scheduled to participate in the Bakkt early adopter program scheduled for the early second quarter of next year. Once the program is launched, the bank’s retail customers will be allowed to buy, hold, and sell Bitcoin and other digital currencies.

The plans are to provide crypto services via the bank’s mobile application. Sheila Zemlin, Chief Revenue Officer at Bakkt, praised the initiative as one that would offer the bank’s clients a fantastic opportunity to enter the world of crypto assets. She added that it was even more important because encryption is a critical component of the Web3 ecosystem, and therefore, as an asset, will provide value.

“Bakkt is proud to introduce new and innovative approaches to this booming economy, providing a pathway to buy, sell and hold cryptocurrencies as an extension of the consumer relationship with their trusted local bank,” I noticed.

James Vaccaro, president and president of the bank, said the partnership is in line with the banks’ ambition to offer opportunities to customers. Vaccaro specifically singled out those who wish to participate in the digital economy. He added that consumers will be able to explore cryptocurrencies as an asset option without having to leave their trusted banking environment.

“We are focused on driving growth and offering our customers new opportunities to participate in the digital economy,” Vaccaro said in a statement.

Bakkt spreads its claws

At the beginning of October, Bakkt teamed up with Google to expand crypto payment options. Through this endeavor, the digital asset manager has enhanced the utility of its Visa debit card as users can now transact directly with digital assets at merchants and locations that accept Google Pay.

The idea was to enable the seamless transfer of cryptocurrencies to fiat currencies as the funds are sent to the recipient’s wallet. Thanks to the collaboration, Bakkt also gained access to Google Cloud tools that enabled it to scale analytics and integrate AI and machine learning into its platform.

Before the end of October, the Georgia-based investment holding company joined MasterCard as the payment services company announced its entry into the digital asset space. The latter is turning to Bakkt as the preferred provider for integrating the assets into its products. This was followed by relief that the digital asset firm was working with Fiserv to promote mainstream crypto adoption. Bakkt has also previously worked with Quiznos and Starbucks on other crypto-related campaigns.

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