The Vast Bank, created in 1982, started bringing its clients services with Bitcoin and other cryptocurrencies from its online banking application.
A small family bank in the United States of America claimed to be the first ones in the country to allow its customers to purchase, sell and manage digital currencies directly from their bank accounts.
Based in Tulsa, Oklahoma, Vast Bank is a small, family-owned banking institution almost 40 years old that has started offering a new Crypto Banking feature. The functionality can be found on the bank’s mobile app. It offers customers trading in Bitcoin and six other different cryptocurrencies.
Brad Scrivner, CEO of Vast Bank, explained in a press release that the initiative appeared due to growing customer demand.
Vast Bank Offers Trading of Multiple Cryptocurrencies
Former Valley National Bank has been testing the cryptocurrency purchase service by customers from their bank accounts for the first half of the year and claims now to be ready to bring users a complete crypto experience from the same place where they check their account balances.
The bank also highlights a national survey that revealed that more than 50% of people interested in cryptocurrencies said they prefer to set investment in Bitcoin through a bank rather than any other platform.
The CEO commented that the polls have probably said that 60% of people who have not yet committed to cryptocurrencies say they would like to do so but would like to do it through their bank.
According to the information, through the online application, users can purchase, sell and manage various cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Ethereum (ETH), and Litecoin (LTC). The service also brings clients the chance to view their digital asset account balances alongside their trust account balances.
Vast Bank acts as custodian of its clients’ cryptocurrencies while Coinbase acts as an exchange. According to the bank’s website, checking accounts are insured up to USD 250,000 by the Federal Deposit Insurance Corporation, and digital currencies receive protection through an insurance policy covered by Coinbase.
A Response to an Increasing Demand
Although it is a relatively small institution, Vast Bank intends to keep expanding its services with cryptocurrencies. The bank had just under $ 800 million in assets for the first quarter. By comparison, JP Morgan Chase, the nation’s largest bank by assets, has $ 3.2 trillion.
Vast Bank, which has also served cryptocurrency companies that have been discriminated against by banking, said it will keep evaluating new cryptocurrencies to maintain its offering up-to-date.
They also hope to bring more security to open the doors to wholesale investors, and they have advanced plans to include new cryptographic features to the platform.
The Oklahoma small bank’s initiative comes amid growing interest from US banks to offer their customers services and exposure to cryptocurrencies. Some banking entities like Morgan Stanley, Wells Fargo, among others, have recently made moves toward this direction.
By: Jenson Nuñez
