Crypto goes mainstream? A traditional bank in the USA will be offering Bitcoin services in the future. With state approval.
As the first state-audited financial institution in the USA, Vast Bank has included Bitcoin trading in its own service portfolio. Customers can also buy and sell Ethereum, Bitcoin Cash, Cardano, Filecoin there in the future by direct settlement with a current account. Litecoin, Orchid and Algorand are also on the program of the associated banking app.
According to Vast Bank CEO Brad Scrivner, his crypto venture has been approved by the Office of the Comptroller of the Currency, a US agency familiar with overseeing credit institutions. The Bitcoin exchange Coinbase and the software service provider SAP are also participating in the project as partners.
Forbes reported on Vast Bank’s Bitcoin adventure on September 1st. Judith Rinearson, a lawyer specializing in crypto issues, has her say in the article. This sees the state 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 provides digital asset services.
Rinearson predicts further comparable mixed projects in the future.
Bitcoin purchase with the convenience factor?
Vast Bank CEO Scrivner told Forbes that a recognized bank was the best place for him to buy Bitcoin and Co. As sales arguments, he brought up guaranteed regulatory stability and high security standards for the safekeeping of assets.
His bank’s crypto service would be suitable for all those who have little knowledge of Bitcoin and rely on convenience:
There are many different customers, from the demanding who want to be in control of everything and have their own wallet and access codes, to the “crypto-curious” who prefer to work with a bank or an intermediary just because they don’t understand everything.
Whether or not buying Bitcoin in a recognized financial institution leaves much of the original crypto narrative is another question.