Around 300 US banks will offer Bitcoin trading services: Report

Reportedly 300 small banks in the United States are planning to offer Bitcoin purchase and sell services to its users. 

Because of the increasing adoption of crypto and blockchain, Traditional financial services are not getting that level of traction, that they deserve. So to step with the tech innovations and to sell services, the majority of the traditional financial system is either working in the crypto and blockchain-related activities or looking to get in. 

American Banker published a report on the adoption of Bitcoin-related services by the Small banks in the US. This report noted that the majority of the banks will start to give Bitcoin trading services directly through their apps soon in Q1 & Q2 of this year. 

Report noted that BankSouth, a Georgia-based small Digital bank, plans to offer Bitcoin trading services through its Mobile app, and right now this Bank is ready with its more than $1.3 billion in digital assets.

Harold Reynolds, CEO of BankSouth, said that they found that the users are involved in crypto-buying and in some cases, they are buying in very large amounts. So this is the reason they are planning to give Bitcoin buy and sell services. 

Right now Vast Bank, Oklahoma based bank, already started

Its Bitcoin trade services to its users. Brad Scrivner, CEO of Vast Bank, said that they are getting better support from their customers. The bank is giving support to 12 crypto assets. 

Zack Bishop of Synovus Financial also managed around $56 billion to start its Bitcoin trading services to its users, this year. 

Zack says that we already facilitated services to buy real-estate and many traditional things like vehicles for the users through the direct and indirect ways of engagement. And now we are eager to show our potential in Proof-of-work based assets. 

“We think that that’s the beginning point of how the operational structures on the back end of the bank need to start to pivot toward working on blockchains. The cryptocurrency was the first place we wanted to be.”

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