Vast Becomes First Chartered US Bank to Offer Bitcoin Buying And Custody

Vast Bank has become the first U.S. bank with FDIC insurance and a Federal Reserve charter to offer Bitcoin services.

Customers at Vast Bank can now buy and sell Bitcoin directly from an FDIC-insured checking account, while its Bitcoin custody solutions include a mobile trading platform with instant settlement to its accounts.

Vast’s groundbreaking ability to buy, sell, and custody Bitcoin within the bank comes after it was approved by the Office of the Comptroller of the Currency (OCC) and the matter was discussed with the Federal Reserve, Forbes reported.

Vast Bank CEO Brad Scrivner implied in an interview with Forbes that a U.S. Bank is the best place to buy Bitcoin. “We’re familiar with regulation, we’re going to do the right things, we’re going to do things to make sure the financial system is kept safe and sound,” he said.

Federally regulated banks could serve to bring Bitcoin to people who may not have the time or the interest in learning how to custody Bitcoin themselves. Scrivner commented, “There’s lots of different customers out there that may want to control everything and have their own wallet, their own passcodes, and then there are those who are crypto curious and may prefer to work with a bank or an intermediary, just because they don’t quite understand.”