Banks of all sizes are hearing from many customers that they want exposure to the fast-growing but volatile cryptocurrency market. Vast Bank — a community institution in Tulsa, Oklahoma — recently became the first nationally chartered, FDIC-insured bank to offer crypto banking, a product that allows customers to buy, sell and hold virtual currencies through the bank’s user interface. On the season four premiere of the ABA Banking Journal Podcast — sponsored by S&P Global Market Intelligence — President and CEO Brad Scrivner discusses:
- The mechanism of crypto banking at Vast Bank, including its partnership with Coinbase.
- The behind-the-scenes process that allows Vast Bank to securely custody crypto assets.
- The process of working with regulators on the product, particularly after an OCC interpretive letter on digital asset custody.
- Why many crypto early adopters have sought out a bank to support their coin trading and holding.
- How crypto banking grew out of Vast Bank’s transition to a cloud-based core and investment in digital transformation.
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This episode is sponsored by S&P Global Market Intelligence.
In this episode: