American banking institution Vast Bank has announced that it has shut down its mobile crypto banking app and announced its intention to exit the cryptocurrency industry. The bank said: “In order to strategically adjust our operations, effective January 31, 2024, we will disable and delete Google and Apple’s Vast Crypto mobile banking applications, meaning users’ Vast Crypto mobile banking accounts, Any digital assets, including those held in custody, will be liquidated and closed.”

The bank previously billed itself as the first U.S. banking institution to allow customers to buy, sell and hold cryptocurrencies “along with traditional checking accounts.” Vast Bank entered the crypto industry in 2019, having previously partnered with Coinbase and SAP in 2021 to develop the company’s crypto-friendly mobile banking app.