The beginning of Bitcoin services being offered has been initiated at the Vast Bank, the first bank with a Federal Reserve Charter and FDIC insurance.
It was reported by Forbes that the OCC (The Office of Computer of the Currency) approved this revolutionary step, where the Vast Bank customers are offered services ranging from a mobile application and platform (directly linked to their accounts) and the eligibility of purchasing and holding Bitcoin (BTC).
In the Forbes interview, Brad Scrivner, CEO of Vast Bank, raise the point of trust and safety when it comes to purchasing Bitcoin (BTC) expanding on the idea that US banks will not be liable to any regulatory problems.
Vast Bank CEO also highlighted the diverse customers of the bank ranging from individuals who may not be so understanding of the crypto world hence having an extra boost or bank to work with will help them in that regard. And then there are customers who want to have the full reins of their accounts and be in complete charge of their trading process.
Keeping up to date with the happenings of the world as well as customer demand was the extra push the bank needed to make this groundbreaking shift possible.
During the interview, Scrivner also mentions that more than half the customers at the Vast Bank showed interest in the crypto market after an in-house vote was held with the added involvement of the bank. Scrivner believed that previous financial services had not exactly enabled customers in the same way technology has in recent years.
This initiative was first started by Vast in mid-2020 after the OCC gave the green light on purchasing and holding Bitcoin (BTC).