Bitcoin, Ethereum, Cardano, Filecoin, Litecoin, Orchid, Algorand and Bitcoin Cash are eight cryptocurrencies now available for purchase directly from a FDIC-insured checking account if you are a customer of Vast Bank, N.A. According to the CEO Brad Scrivner, the bank’s move into offering crypto was approved by the OCC, but also included discussions with the Federal Reserve as well. 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 – all under one roof.
“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,” said Judith Rinearson, Partner at K&L Gates, a legal expert who helps navigate many cryptocurrency clients.
Irina Berkon, CFO at Metallicus, a U.S.-based crypto exchange commented, “The application of blockchain technology has been growing, especially in the financial services arena. Proper, thoughtful and progressive regulation is key to promoting legitimate use cases for digital assets. I am so happy to see the Vast Bank opening its doors to the unbanked population of crypto holders, blockchain development companies, innovators and creators who benefit from strong regulations by a financial institution.”
I had the chance to interview Scrivner who shared