Vast Bank became the first U.S. federal bank to handle bitcoins
Vast Bank will provide services for buying, selling and storing cryptocurrencies directly from the user's current account. In addition, experts have speculated about the coming wave of integration of digital assets into U.S. government agencies.
"This is great news for the cryptocurrency community. Digital asset companies have historically had a hard time even getting banking services, let alone having a bank providing digital asset services. I see this as a step in the right direction, and I suspect we'll see more banking/digital assets in the future," attorney Judith Rinearson, a partner at K&L Gates who helps navigate many cryptocurrency clients, told Forbes.
Vast Bank became the first U.S. federal bank to handle bitcoins
Regardless of promoting decentralized assets, Vast Bank is determined to follow all the rules in its cryptocurrency offerings. CEO Brad Scrivner agrees that while the transition to cryptocurrency is inevitable, regulatory oversight is paramount to ensuring an innovative but secure transaction regime for its users.
"We're familiar with regulation, we're going to do the right things, we're going to do everything to make sure the financial system is safe," Brad Scrivner, CEO of Vast Bank, told Forbes.
The CEO of Vast Bank said there is already a majority of the market willing to move into the cryptosphere. However, decentralized blockchain may deter many, given its unregulated and relatively less secure nature than a national bank. Scrivner shared the results of a market study the Bank conducted before they decided to go into storage and also to exchange cryptocurrency directly from a bank account.
It showed that more than 60 percent of people in the United States are "crypto-curious," and Vast Bank sees this as an opportunity to stay relevant in an ever-changing financial market. It could also mean the beginning of mass adoption of cryptocurrency.
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