Vast Becomes The First US Federally Charted Bank To Offer Crypto

2021-09-02 21:37:02

Vast Bank becomes the first ever federal bank in the history of the US to offer crypto, i.e. bitcoin. For that purpose, Vast will enable customers access to purchase, sell and store crypto directly in their user balance. This historic step only confirms what many financial experts said it would happen. That is fully integrating cryptocurrencies in basically every government and federal institution.

Considering that banks are opposite of the decentralized nature of crypto, Vast doesn’t seem bothered by the contrast. As a matter of fact, Brad Scrivner, CEO of Vast Bank, recognizes the importance of fully-implementing crypto on time. In addition to providing the utmost secure transaction eco-system, by using cutting edge technology features.

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

Moreover, knowing that crypto may potentially spook many unfamiliar customers, Mr. Scrivner still ensures that the demand is rather high. In particular, he reveals that up to 60% of US customers are ‘crypto curious’. Consequently, seeing this as an ideal chance to take initiative and capitalize. And possibly, even start an entire US cryptocurrency rush:

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.Brad Scrivner | CEO of Vast Bank

Whatever the case, it seems like Vast becoming the first ever US federal bank to offer crypto is a smart move. Especially if you consider that they are now pioneers in that department. Yet, this is not something that can happen overnight. Vast confirms spending a substantial amount of time on research and calculations. Which is rather appropriate, considering that this is a historic landmark for global economy.

Hence, it is no wonder that many financial experts and crypto traders believe this to be the future. According to Judith Rinearson, a prominent attorney:

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.Judith Rinearson | Attorney & Partner at K&L Gates

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