TechFlow news, according to Cointelegraph, U.S. banking institution Vast Bank has announced the shutdown of its mobile crypto banking application and declared its intention to exit the cryptocurrency industry.
The bank stated: "To strategically align our operations, effective January 31, 2024, we will disable and remove the Vast Crypto mobile banking app from Google and Apple, meaning users' Vast Crypto mobile banking accounts, including any custodied digital assets, will be liquidated and closed."
The bank previously branded itself as the first U.S. banking institution to allow customers to buy, sell, and hold cryptocurrencies "alongside traditional checking accounts." Vast Bank entered the crypto industry in 2019 and had previously partnered with Coinbase and SAP in 2021 to develop the company's crypto-friendly mobile banking app.
