Vast Bank has set the record as the first chartered bank in the United States to offer Bitcoin buying and custody services.
Vast Bank launches Bitcoin services
Vast Bank announced earlier today that it is now offering Bitcoin services to its clients. In so doing, it has become the first U.S. bank with FDIC insurance and a Federal Reserve charter to offer Bitcoin services.
Customers of the bank can now buy and sell Bitcoin directly from an FDIC-insured checking account. Furthermore, Vast Bank’s Bitcoin custody solution comes with a mobile trading platform to allow instant settlements to the account.
Vast Bank CEO Brad Scrivner told Forbes that “We’re familiar with regulation, we’re going to do the right things, we’re going to do things to make sure the financial system is kept safe and sound.” The CEO said he believes a US bank is the best place for people to buy bitcoin.
The bank was able to launch the Bitcoin buying and custody services after gaining approval from the Office of the Comptroller of the Currency (OCC). The bank also discussed the matter with the Federal Reserve.
Vast Bank’s shift to Bitcoin is to meet customer demand
The CEO revealed that the shift to start offering Bitcoin services is to meet the demands of its customers. “We also believe that technology has enabled the customer in a way that it really hadn’t been enabled in the financial services industry previously, and that cryptocurrency was going to be very disruptive in financial services,” the CEO added.
Traditional banks have long stood against Bitcoin and other cryptocurrencies. However, things are starting to change as customers are increasingly demanding exposure to Bitcoin.