Crypto goes mainstream? A traditional bank will offer Bitcoin services in the USA in the future. With state approval.
Vast Bank is the first state-approved financial institution in the US to include Bitcoin trading in its service portfolio. By direct settlement with a current account, customers will be able to buy and sell Ethereum, Bitcoin Cash, Cardano, Filecoin. Litecoin, Orchid and Algorand are also on the program of the associated banking app.
According to Vast Bank CEO Brad Scrivner, its crypto venture enjoys approval from the Office of the Comptroller of the Currency, a U.S. agency familiar with overseeing lending institutions. Bitcoin exchange Coinbase and software services provider SAP are also participating in the project as partners.
Forbes reported on Vast Bank’s bitcoin adventure on September 1. In the article, attorney Judith Rinearson, who specializes in crypto issues, has her say. The latter sees the government approval as an important partial success for the crypto space:
In the past, it has been difficult for digital asset companies to even get banking services, let alone have a bank that offers digital asset services.
Rinearson predicts more similar hybrid projects in the future.
Bitcoin purchase with convenience factor?
Vast Bank CEO Scrivner told Forbes that a recognized bank is the best place for him to purchase bitcoin and the like. He put forward guaranteed regulatory stability and high security standards for asset custody as selling points.
His bank’s crypto service would lend itself to those who know little about Bitcoin and are looking for convenience:
There are many different customers, from sophisticated ones who want to control everything and have their own wallet and access codes, to “crypto-curious” ones who prefer to work with a bank or an intermediary just because they don’t understand everything.
Whether buying Bitcoin in a recognized financial institution leaves much of the original crypto narrative, meanwhile, is another question.