Vast Bank becomes first US bank to allow buy/sell Bitcoin service

TL;DR Breakdown: Vast Bank has become the first federally chartered bank to offer customers the option to directly buy and sell cryptocurrencies.The supported cryptos are limited and cannot be withdrawn to exchanges or wallets in the meantime. Buying cryptocurrencies like Bitcoin was quite challenging in the early years until exchanges stepped in. This barrier to mainstream adoption is only getting lower as more financial institutions are joining the crypto industry, including banks. For the first time, a United States-based banking institution, Vast Bank, will provide customers the option to purchase, sell, and custody cryptocurrencies through their regular bank account. It’s worth noting that the bank in question holds a Federal Reserve Charter and FDIC insurance. Hence, Vast Bank has become the first federally chartered bank to roll out such a crypto service in the country. Vast Bank debut crypto services According to the report by Forbes, Vast Bank customers can now trade or custody digital currencies using their FDIC-insured checking account directly. However, the supported cryptos are limited to eight in number. These include Bitcoin, Ether, Cardano, Litecoin, Filecoin, Algorand, Bitcoin Cash, and Orchid.  In the interview with Forbes, Vast Bank CEO Brad Scrivner said they are “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 saf...