Vast Bank, a state banking company based in Tulsa, Oklahoma, has moved into cryptocurrency trading as its U.S. customers can now buy eight different cryptocurrencies through one checking account.
According to a recent report by Forbes, the bank supports trading in digital currencies, including Bitcoin (BTC), Ethereum (ETH), Cardano (ADA), Filecoin (FIL) and Litecoin (LTC).
According to Brad Scrivner, the bank’s chief executive officer, the company’s jump into the volatile world of cryptocurrencies was approved by the Office of the Comptroller of the Currency (OCC). Talks with the Federal Reserve Bank took place at the same time. Vast Bank’s offering includes the ability to buy, sell, hold and store the supported cryptocurrencies.
There are many ways to get hold of a digital currency these days. The most traditional and widely used way is to buy from an exchange like Coinbase and Kraken. At the same time, over-the-counter (OTC) deals play a prominent role as an alternative to the sources of the assets. Banking options are new to the broader cryptocurrency ecosystem, and skepticism is growing about who is patronizing the bank’s latest product offering.
Scrivner told Forbes in an interview when asked about the matter:
“There are a lot of different customers out there who might want to control everything and have their own wallet, their own passcodes, and then there are those who are curious about crypto and prefer to work with a bank or an intermediary just because they have it do not do. not quite understand “,
While other top American banks, including JPMorgan Chase, Morgan Stanley, and Goldman Sachs, have found ways to meet customer needs around cryptocurrencies, Vast Bank’s push could clear the regulatory uncertainty many cite as excuses. Scrivner believes that banks are best suited to trading cryptocurrencies because they are more familiar with the regulations in the financial market.
“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 stays safe and sound,” he said.
Image source: Shutterstock