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Manasquan Bank Partners with Bakkt, Plans Provision of Crypto Services

Manasquan Bank Partners with Bakkt, Plans Provision of Crypto Services
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Manasquan Bank to Participate in Bakkt Holdings Early Adoption Program scheduled for Q2 2022

Bakkt Holdings revealed in a press release Tuesday that it has entered into a new partnership, this time with Manasquan Bank of New Jersey. The joint community bank is reportedly participating in Pakket’s early adoption program scheduled to begin in the second quarter of next year. Once the program is up and running, the bank’s retail customers will be allowed to buy, hold and sell bitcoin and other digital currencies.

Crypto services are expected to be available through the bank’s mobile application. Sheila Zemlin, Chief Revenue Officer at Bakkt, praised the initiative as an initiative that will provide the bank’s clients with a fantastic opportunity to enter the world of crypto assets. She added that this was all the more important since cryptography is an essential component of the Web3 ecosystem, and therefore, as an asset, will provide creation value.

“Bakkt is proud to introduce new and innovative approaches to this booming economy, enabling the buying, selling and holding of cryptocurrencies as part of the consumer relationship with their trusted local bank.” I noticed.

James Vaccaro, President and Chairman of the Bank’s Board of Directors, said the partnership is in line with the banks’ ambition to provide 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 focus on growing and offering our customers new opportunities to participate in the digital economy,” Vaccaro said in a statement.

Bakkt extends his claws

In early October, Bakkt partnered with Google to expand crypto payment options. Through this effort, the digital asset manager has improved 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 seamless transfer from crypto to fiat when money is sent to the recipient’s wallet. Through this collaboration, Bakkt also gained access to Google Cloud tools that enabled it to develop analytics and integrate AI and machine learning on its platform.

Before the end of October, the Georgia-based investment holding company entered with MasterCard as the payment services company announced that it was entering the digital asset space. The latter calls Bakkt the preferred supplier for integrating assets into its products. This was followed by revelations that the digital asset firm was working with Fiserv to improve mainstream crypto adoption. Bakkt has also previously worked with Quiznos and Starbucks on other crypto-related campaigns.

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