Image: Crypto Daily
The Oklahoma family-owned, regional bank said it was the first U.S. national bank to allow customers to buy, sell, and hold crypto assets directly in their bank accounts. A family and regional bank, Vast Bank, has begun providing cryptocurrency transactions to its clients through a new service called “Crypto Banking.”
The company began to study cryptocurrency back in 2016 when customers were increasingly interested in digital money. “Many banks and institutions are locked into legacy products, legacy mindsets and other legitimate reasons why they chose not to do things. But some of that includes that they don’t have the capabilities to do it. But we were well positioned to launch this from a mindset, technology and ownership perspective,” said Vast Bank CEO Brad Scrivner in an interview with Blockworks.
Vast Bank has launched its Crypto Banking app, which will provide customers with the ability to buy a range of cryptocurrencies, including Bitcoin, Bitcoin Cash, Cardano, Ethereum, Litecoin, Orchid, and Algorand. The app was created in partnership with cryptocurrency exchange giant Coinbase and software firm SAP.
While many crypto enthusiasts trust cryptocurrency exchange platforms such as Coinbase, Binance, or FTX, a recent survey by Vast Bank found that over 50% of respondents interested in cryptocurrencies said they were more likely to choose a bank for such transactions. Customers want a secure way to buy cryptocurrencies through their bank accounts due to concerns about the security of other platforms. Vast Bank's checking accounts are insured by the Federal Deposit Insurance Corporation for up to $250,000, and crypto assets are protected by an insurance policy covered by Coinbase.
“We wanted to give institutions and individuals the confidence that this (service) is something they can participate in without feeling like they’re in the Wild Wild West,” Scrivner said. “We also wanted to make sure we were always in an ability to be relevant and meet ever changing customers,” he added.
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Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.