This is the first US Federal Chartered Bank to Offer Bitcoin (BTC)
Vast Bank, the first-ever federally chartered bank in the U.S. to offer Bitcoin. It will be providing the services to buy, sell, and custody cryptocurrencies, directly from the user’s checking account. Furthermore, experts have speculated on an upcoming wave of integration of digital assets into government institutions in the U.S.
“This is great news for the cryptocurrency community. It has historically been difficult for digital asset companies to even get banking services, much less to have a bank that provides digital asset services. I view this as a step in the right direction, and I suspect that we will see more banking/digital asset ventures in the future,” Attorney Judith Rinearson, Partner at K&L Gates, who helps navigate many cryptocurrency clients, told Forbes.
US national bank prioritizes crypto Regulations
Regardless of facilitating decentralized assets, Vast Bank is determined to follow all regulations in its offerings of cryptocurrencies. The CEO, Brad Scrivner agrees that while the shift to crypto is inevitable, he also asserts that the regulatory surveillance holds utmost importance to provide an innovative yet secure mode of transactions to its users.
“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.”, Brad Scrivner, CEO of Vast Bank told Forbes.
The majority of the US population is “crypto curious”
Vast Bank CEO asserted that the market already holds a majority that is willing to step into the crypto sphere. However, the decentralized blockchain may scare many off considering its unregulated and comparatively less secure nature than a national bank. Scrivner shared the Bank’s market research before they decided to dive into custody, as well as an exchange of crypto directly from a bank account.
He revealed that over 60% of people in the United States are “crypto curious”, and Vast Bank sees this as an opportunity to stay relevant in the ever-changing financial market. Additionally, this could potentially mark the beginning of mass crypto adoption.
“More than 60 percent of individuals are at least interested in crypto – what I like to describe as ‘crypto curious’. But they’re also saying we want to have a bank involved with our custody of cryptocurrency.”, Scrivner added.