Manasquan Bank, a mutual community bank based in New Jersey, has chosen Bakkt Holdings to provide retail clients with bitcoin access, the firm announced Tuesday.Bakkt, the Digital Asset Marketplace Launched by Intercontinental Exchange  in 2018, to Become a Publicly Traded Company via Merger with VPC Impact  Acquisition Holdings | Business Wire

Manasquan Bank, which has $2.7 billion in total consolidated assets, will join Bakkt's early adopter program, which will allow the bank's retail clients to buy, sell, and store bitcoin using the bank's mobile banking app once it is up and running. In the second quarter of 2022, the early adopter program is planned to begin.

According to Sheela Zemlin, chief revenue officer of Bakkt, offering Manasquan Bank clients an entry point into bitcoin adoption is an "incredible opportunity"

Banks may use Bakkt's digital asset platform to plug in a crypto module that gives clients instant access to different cryptocurrencies.

"It's clear that cryptocurrency is at the heart of the Web3 economy, where consumers can participate in new value creation and trade digital assets," Zemlin continued. Bakkt is excited to bring new and innovative solutions to this emerging market, including a mechanism for consumers to purchase, sell, and keep crypto as an extension of their connection with their trusted local bank."

Bakkt's stock has climbed more than 4% in early Tuesday trade. It is, however, still much below recent highs. The company's stock soared in October after it announced a partnership with MasterCard to provide bitcoin solutions. After briefly surpassing $50 per share, the stock swiftly reversed course and is now trading at roughly $9.30.