Vast Bank’s Bitcoin movement shows traditional banks are getting serious about the cryptocurrency market
Bitcoin is an investment vehicle that more and more people are looking to get into, and traditional banks are keeping this fact in mind.
Vast Bank offers Bitcoin purchase and custody services
The last few months have been marked by the institutional introduction of Bitcoin and other cryptocurrencies. Institutional investors have started to see the value of Bitcoin and are looking for more ways to get involved in the cryptocurrency market.
Traditional banks have been slow to catch up with the train, however, as many are still skeptical of the cryptocurrency space. The sentiment is changing, however, as more and more traditional banks warm up to Bitcoin.
Yesterday, Vast Bank became the first chartered bank in the United States to offer Bitcoin services to its customers. The bank’s CEO, Brad Scrivner, gave Forbes this information in an exclusive interview.
Vast Bank customers can now buy and sell Bitcoin directly. Vast Bank will become the first bank in the United States to have FDIC insurance and a Federal Reserve charter to offer such services to its customers. Customers can buy and sell BTC directly from an FDIC insured checking account.
The chartered bank can implement this service with the approval of the Office of the Comptroller of the Currency (OCC) and also discuss its steps with the Federal Reserve.
More traditional banks could be stepping into the crypto space soon
Vast Bank’s entry into the Bitcoin purchase and custody market could convince more traditional banks to offer similar services. According to the CEO of Vast Bank, the move was triggered by increased demand for Bitcoin from their customers.
BTC / USD chart. Source: FXEMPIRE
BTC is currently trading above $ 50,000 per coin after rising less than 1% in the past 24 hours. The leading cryptocurrency is still far from its all-time high of over $ 64,000 but is up over 60% since dropping below $ 30,000 a few weeks ago.
The story goes on
This article was originally published on FX Empire