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Investing.com — NJ-based mutual community bank Manasquan Bank has selected Bakkt Holdings Inc (NYSE:BKKT) to offer retail clients access to cryptocurrency, the company said Tuesday.
Manasquan Bank, which has total consolidated assets of $2.7 billion, will participate in Bakkt’s early adopter program, which, once up and running, will allow the bank’s retail clients to buy, sell and hold cryptocurrency through the bank’s mobile banking app. The early adopter program is expected to launch in the second quarter 2022.
Sheela Zemlin, chief revenue officer at Bakkt, said it is an “incredible opportunity” to offer Manasquan Bank clients an entry point to adopt cryptocurrency.
Bakkt’s digital asset platform lets banks plug and play a crypto module that provides clients with quick access to multiple cryptocurrencies.
Zemlin added: “It’s clear that cryptocurrency is the center of the Web3 economy, in which consumers can participate in new value creation and exchange with 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.”
Bakkt shares have risen over 4% in early Tuesday trading. However, it Is still well below recent highs. The company’s share price spiked in October on the back of news it had partnered with MasterCard to offer cryptocurrency solutions. After touching $50 per share, the stock quickly reversed and now trades around the $9.30 mark.
