Cryptocurrency is a new technology-based form of digital money that offers a number of advantages over traditional currencies, including increased security, fewer intermediaries, cross-border transactions, and near-instant settlement, even for big transactions. Through a new service called “Crypto Banking,” Vast Bank, a regional bank in Oklahoma, will finally open the crypto floodgates for its customers. Yes, its uncomplicated name says it all. Customers of the bank can now purchase, sell, and hold numerous cryptocurrencies in their bank accounts thanks to this new service.
The Tulsa-based, family-owned bank has been in operation since 1982, and its recent move into cryptos is a smart move to keep up with the shifting financial landscape. Vast Bank has seen a 300 percent increase in assets over the last nine years, from around $200 million in 2012 to $800 million today.
Eyeing crypto since 2016
The bank’s recent decision to offer bitcoin services to its customers isn’t a rushed response to what other institutions are doing at the moment. Since 2016, as customers’ preferences are slowly but steadily shifting, Vast Bank has been researching the huge potential of cryptos.
Banks and institutions are often locked into legacy products, legacy mindsets, and other legitimate reasons for not taking action. Vast Bank Chief Executive Officer Brad Scrivner said the bank was well-positioned from a mindset, technology, and ownership perspective to launch the venture.
Vast Bank ultimately published its VBCB app after gaining confidence in cryptos’ potential and long-term influence. Customers can get immediate access to cryptocurrencies including bitcoin, bitcoin cash, ethereum, Algorand, Litecoin, and Cardano through this app. The bank’s relationship with Coinbase enabled the launch of this new service.
Banks over cryptocurrency exchanges
According to a recent study performed by Vast Bank, half of its respondents would prefer to work with a bank rather than a crypto exchange when it comes to crypto investing. They acknowledge the advantages of cryptos, but for half of the respondents, banks are still more trustworthy than the increasingly popular crypto exchanges.
The majority of respondents also stated that their hesitation to investigate cryptocurrencies originated from their concerns about the reliability and security of other services, as well as the number of security measures implemented by current platforms.
Over the past 40 years, we’ve embraced change, changed quickly to adapt, and delivered a banking experience that’s as high-tech as it is personal,” Scrivner said. This approach is demonstrated by Vast Bank’s Crypto Banking service. Unlike other financial institutions, we have taken advantage of technology and innovation to eliminate the complexity and anxiety associated with owning cryptocurrencies. We look forward to seeing how customers will respond to this new service and believe that it will put cryptocurrencies on a streamlined path to mass adoption.”
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