Thursday, October 21 2021

Vast Bank became the first U.S. bank with FDIC insurance and Federal Reserve charter to offer Bitcoin services.

Vast Bank became the first U.S. bank with FDIC insurance and Federal Reserve charter to offer Bitcoin services.

Vast Bank customers can now buy and sell Bitcoin directly from an FDIC-insured checking account, while its Bitcoin custody solutions include a mobile trading platform with instant settlement to its accounts.

Vast’s revolutionary ability to buy, sell and hold Bitcoin within the bank comes after its approval by the Office of the Comptroller of the Currency (OCC) and the issue has been discussed with the Federal Reserve, Forbes reported.

Vast Bank CEO Brad Scrivner hinted in an interview with Forbes that a US bank is the best place to buy Bitcoin. “We know the regulations well, we are going to do the right things, we are going to do things to make sure that the financial system stays safe and sound,” he said.

Federally regulated banks could be used to bring Bitcoin to people who may not have the time or interest to learn how to hold Bitcoin on their own. Scrivner commented, “There are a lot of different clients who may want to control everything and have their own wallet, their own access codes, and then there are those who are curious about crypto and may prefer to work with a bank or a bank. intermediate, just because they don’t understand very well.

During the interview, Scrivner attributed the change to Bitcoin’s supply as a way to meet current customer demands, but also as a way to stay relevant in anticipation of future demand.

Scrivner continued, “We also believe that the technology enabled the customer in a way that it really hadn’t been enabled before in the financial services industry, and that cryptocurrency was going to be very disruptive in services. financial. “

Vaste first looked at crypto custody in July 2020, after the OCC announced that with a charter from the National Bank, the institution could hold Bitcoin and other crypto assets, a Scrivner told Forbes. After that, the board of directors and shareholders decided to “put crypto first in our work”. According to Scrivner, a Gallup / internal poll at Vast showed that over 60% of customers were interested in Bitcoin and other cryptos, but “they’re also saying we want a bank to be involved in our cryptocurrency custody. “.

Vast even introduced shareholders to Bitcoin use cases such as cross-border payments with near-instant final settlement and foreign exchange trading, according to Scrivner. The development comes in part after Vast partnered with Coinbase, which directs their customers to Vast about custody solutions.

Vast is also currently working to allow customers to deposit their Bitcoin into private wallets and exchanges with the bank.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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