Crypto adoption is off the charts right now, and now we are seeing more banks participate in the same. While Central Banks in every country are of a different opinion, local and private banks are pushing adoption. One such is New Jersey’s Manasquan Bank that plans to enable crypto trading soon for its customers. The Bank is very old and has been active for the last 2 centuries (since 1874). It is a mutual community bank, so the focus is mostly retail. The Bank has partnered with Bakkt, a digital assets company, for the same.
Manasquan Bank bringing crypto support
In a recent press release on Tuesday, Manasquan, a mutual community Bank announced their crypto plans. A mutual community bank is a financial institution that is backed by the government and has members that are subscribed to a common fund. The Bank is headquartered in Wall Township, New Jersey, and because of its centuries of trust-building, it has a lot of satisfied customers. The Bank has 15 branches across the US, which is not a lot, but it still offers excellent service and customer satisfaction.
Bakkt, which is a pretty large digital assets company, has partnered with the Bank to make the crypto program go live. The plan is to bring the trading and holding options by the second quarter of 2022. The CEO of the Bank, James Vaccaro, said that they want to pioneer the future. In other words, they are just to stay in the game with new tech. James also added, “We’re focused on driving growth and introducing new opportunities for our clients to participate in the digital economy,”
The idea is to bring support to customers who want to invest in cryptocurrencies and not let them move to a different environment. They are enabling this option to give users an entry point to get into the game.
While one might think that a small bank adopting crypto might not be a big deal, but it is. The adoption we have seen till now has been from large technically advanced banks and companies. But in reality, crypto will become an important part of the economy and the future only when the penetration is strong enough on the ground level. So, it matters!
What are your thoughts as Manasquan Bank plans to enable crypto trading for its customers? And do you agree that ground-level adoption in crypto is very important? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.