[2021-09-03] With Coinbase And SAP, Vast Bank Offers Bitcoin, Ethereum, Cardano

[Woodie]

With Coinbase And SAP, Vast Bank Offers Bitcoin, Ethereum, Cardano And Litecoin.

Bitcoin, Ethereum, Cardano, Filecoin, Litecoin, Orchid, Algorand and Bitcoin Cash are eight cryptocurrencies now available for purchase directly from a FDIC-insured checking account if you are a customer of Vast Bank, N.A. According to the CEO Brad Scrivner, the bank’s move into offering crypto was approved by the OCC, but also included discussions with the Federal Reserve as well. Vast Bank, N.A. is now the first federally chartered bank in the U.S. to offer the ability to buy, sell, and custody cryptocurrencies - directly from a checking account - all under one roof.

“This is great news for the cryptocurrency community. It has historically been difficult for digital asset companies to even get banking services, much less to have a bank that provides digital asset services. I view this as a step in the right direction, and I suspect that we will see more banking/digital asset ventures in the future,” said Judith Rinearson, Partner at K&L Gates, a legal expert who helps navigate many cryptocurrency clients.

Irina Berkon, CFO at Metallicus, a U.S.-based crypto exchange commented, “The application of blockchain technology has been growing, especially in the financial services arena. Proper, thoughtful and progressive regulation is key to promoting legitimate use cases for digital assets. I am so happy to see the Vast Bank opening its doors to the unbanked population of crypto holders, blockchain development companies, innovators and creators who benefit from strong regulations by a financial institution.”

Read more https://www.forbes.com/sites/jasonbrett/2021/09/01/with-coinbase-and-sap-vast-bank-offers-bitcoin-ethereum-cardano-and-litecoin/?sh=5d3e97963899

If more and more countries set a tone of how crypto adoption can be ushered in,I see crypto being given the green light world over... of course it won't be smooth sailing because not everyone understands how the blockchain and bitcoin work and will require more time to digest and understand it.

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[NeuroticFish]

And it's beginning. I don't know how big this Vast.Bank is and I don't know if they actually allow withdrawal to customers' crypto wallet, but it looks like an actual bank working (also) as crypto exchange.
Probably it will be more expensive than at actual exchange, but clearly easier, cleaner and more trusted for the average Joe.

[Lucius]

I guess it’s the result of what’s been announced in recent months Bitcoin is coming to hundreds of U.S. banks this year, says crypto custody firm NYDIG, and it is just a continuation of what some would call the growing links between the banking sector and the cryptocurrency market. This is just a logical development, but also something that some crypto users do not watch with great enthusiasm - because Bitcoin was created as an alternative to banks.

I don't know how big this Vast.Bank is and I don't know if they actually allow withdrawal to customers' crypto wallet, but it looks like an actual bank working (also) as crypto exchange.

From what can be seen on their website, it is not a big bank at all - because they are located in only one US state and have only 5 branches. As for the direct withdrawal of crypto into a non-custodial wallet, the bank says the following :

We do not currently allow customers to withdraw crypto directly from their account. This is a feature that is coming soon. 
When you sell your crypto, your USD is immediately available for withdrawal in your checking account.

[NeuroticFish]

We do not currently allow customers to withdraw crypto directly from their account. This is a feature that is coming soon.  
When you sell your crypto, your USD is immediately available for withdrawal in your checking account.

Thanks for the research. Then, unfortunately, it's no longer a news that good, since they do basically the same thing as PayPal (and I think Revolut too).
Not a bad one either, obviously , but no longer a "wow". They're are still a "proper" bank, although a small one, maybe closer to average Joe's "soul" and will add more credibility. (imho we still need that).

[sanjusajan]

yes, it will be great news to the users of vast bank if the fees to withdraw and transfer their assets from it is low and if it takes more fee than other then there will be the big problem to use it as all of knows the customer want low fee and security so if it is created with the low fee and good security then it will be used more by the customers.which will be better for them.

[NeuroticFish]

yes, it will be great news to the users of vast bank if the fees to withdraw and transfer their assets from it is low

Banks are not for those looking for low fees. Exchanges will always beat banks at the exchange fees.
Banks will be used by those who want convenience and trust. It's for the newbies who didn't find yet bitcointalk, and it's for smaller businesses.