A major boost for cryptocurrencies has been recorded as Vast Bank is now the first bank in the United States with FDIC insurance and a Federal Reserve charter to offer Bitcoin services. This follows approval by the Office of the Comptroller of the Currency (OCC) in the United States.

Vast Bank, N.A. is now the first federally chartered bank in the U.S. to offer the ability to buy, sell, and custody cryptocurrencies directly from a checking account. The bank currently offers eight cryptocurrencies to its customers. They include: Bitcoin, Ethereum, Cardano, Filecoin, Litecoin, Orchid, Algorand and Bitcoin Cash.

Users of the bank can now buy and sell cryptocurrencies directly from an FDIC-insured checking account, while its Bitcoin custody solutions include a mobile trading platform with instant settlement to its accounts.

The CEO of Vast bank, Brad Scrivner, in an interview with Forbes explained that the best place to buy and sell cryptocurrencies right now is through a national bank. He stated, “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.”

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Brad Scrivner explained that federally regulated banks can now serve to bring Bitcoin to people who may not have the time or the interest in learning how to custody Bitcoin themselves. He stated, “There’s lots of different customers out there that may want to control everything and have their own wallet, their own passcodes, and then there are those who are crypto curious and may prefer to work with a bank or an intermediary, just because they don’t quite understand.”

During the interview, Brad Scrivner attributed the shift to offering cryptocurrencies as a way to meet the current demands of customers and also as a way to stay relevant in anticipation of future demand. He stated, “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.”

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