A New Way to Crypto: Vast Bank Makes Crypto Banking A Reality
Institution Becomes the First National Bank to Give Consumers the Ability to Effortlessly Buy, Sell & Manage Cryptocurrencies 24/7 Directly with Their Bank Accounts—Combining the Benefits of Crypto with the Simplicity & Security of a Bank Account
TULSA, OKLAHOMA—August 25, 2021—Vast Bank, a trusted family-owned financial institution serving customers since 1982, announces the rollout of its new Crypto Banking service. Now available to U.S.-based consumers, this service represents another groundbreaking milestone for the bank, which earlier this year became the first in the country to offer customers the ability to purchase and sell cryptocurrencies alongside a traditional checking account. The Vast Bank Crypto Banking service is available via a user-friendly mobile application which simplifies the buying and selling of cryptocurrencies directly with bank accounts, and provides users with the traditional personal banking experience they have come to expect from a leading financial institution.
“We take pride in getting to know our customers, and that starts with listening,” said Brad Scrivner, CEO of Vast Bank. “At the heart of many of these conversations is crypto. For quite some time, our customers have been asking why they cannot securely purchase the likes of Bitcoin using their bank account, citing concerns over trustworthiness, safety, and the security of other platforms—all issues which have kept many consumers parked on the sidelines of the crypto phenomenon. We took this challenge head on, and devoted significant resources to answer this unmet need. We’re excited to bring this service online, and give all consumers the opportunity to explore the world of cryptocurrencies in a way that brings peace of mind that only a bank like Vast can provide.”
Through the Vast Bank Crypto Banking application, customers will have the ability to purchase a range of cryptocurrencies including Bitcoin, Bitcoin Cash, Cardano (Ada), Ethereum (Ether), Litecoin, Orchid, and Algorand. Customers can manage their crypto portfolios at any time, and from any location, through the mobile app. The Vast Bank digital assets team will continuously evaluate new coins to add to the platform. The Vast Bank Crypto Banking service is powered by strategic partnerships with Coinbase and SAP, whose technical expertise across the entire spectrum of banking and cryptocurrencies provides a leading edge in offering one of the simplest and most trusted ways for consumers to access the more than $2 trillion cryptocurrency market. More information is available at https://www.vast.bank/crypto.
According to a recent national survey conducted by Vast Bank, over 50% of respondents who were interested in cryptocurrencies indicated that they would be more likely to choose a bank over other crypto platforms. A majority of respondents also indicated that their hesitation to explore cryptocurrencies stemmed from the trustworthiness and security of other services, as well as the level of security measures deployed by the platforms currently in use today.
Benefits for Crypto Banking afforded by Vast Bank’s mobile app include:
- No Lockouts: Around 20 percent of all existing Bitcoin at the beginning of this year, worth about $140 billion, according to Chainalysis data, is lost because investors have forgotten their wallet passwords or digital keys, or investors have passed away without transferring this security information to loved ones. Since Vast Bank acts as custodian for its customers’ cryptocurrencies, they can be confident that they won’t get locked out, which makes it easy for consumers and their beneficiaries to access their crypto assets.
- Crypto Account Insurance: As a federally regulated bank, Vast Bank’s checking accounts are insured by the FDIC for up to $250,000. Vast Bank crypto accounts are protected through pooled insurance provided by Coinbase.
- No Transfer Delays: When money is transferred between a bank account and a traditional crypto exchange, there can be a delay of several days before the funds become available for use. Vast Bank’s Crypto Banking service eliminates the agonizing wait for U.S. dollars after a trade. The app puts U.S. dollars in customers’ accounts right away after they sell crypto assets. Funds move instantly between cryptocurrency in customers’ Vast Bank crypto accounts and U.S. dollars in their Vast Bank checking accounts, subject to the bank’s Funds Availability Policy.
- Competitive 1.00% Crypto Trading Fee: Vast Bank is offering one of the most competitive cryptocurrency trading fees—1.00 percent—for crypto accounts on its platform. Vast Bank crypto accounts are not subject to deposit fees; traditional bank products are subject to various fee schedules.
- The Protection & Privacy Customers Expect from a Bank: Vast Bank customers never have to worry about their data being sold or shared. Personal financial information and digital currency stored at Vast Bank are safe and secure.
- Interest-Bearing Checking Account: With an interest-bearing checking account, Vast Bank customers’ U.S. dollar assets are never idle. That’s the bank + crypto advantage.
- Debit Card with Free Nationwide ATM Use: Vast Bank customers can use debit cards for free at ATMs nationwide through the bank’s network partners, Allpoint and Transfund.
“Change is not easy; however, over the course of our nearly 40-year history, we’ve embraced it and moved quickly to adapt and deliver a banking experience that’s as high-tech as it is high-touch,” added Mr. Scrivner. “Vast Bank’s Crypto Banking service is the epitome of this approach. While other banking institutions have hesitated with cryptocurrencies, we have seized the opportunity to apply innovation and technology to remove the complexity and anxiety associated with owning crypto. We’re excited to see how customers will respond to this new service, and feel strongly it will put cryptocurrencies on a streamlined path to mass adoption.”
At launch, the new Vast Bank Crypto Banking app will provide individual customers with access to crypto and checking accounts. Additional Vast Bank financial products and accounts will remain on the institution’s legacy app until they are merged in Q1 2022.
Vast Bank will also be offering a Crypto Banking concierge service for customers looking to invest more than $100,000. This enhanced service offering will include additional resources available through Vast Bank, as well as lower transaction fees.
About Vast Bank
Vast Bank has built its legacy on personal service, strength, and integrity. With bold leadership and a renewed commitment to customer-centricity, Vast is building on its past to create a future based on new ideas, world-class technology, and a winning culture to enhance the banking experience for customers with greater simplicity and control. In 2021, Vast became the first nationally chartered U.S. bank to enable customers to seamlessly buy, sell, and hold cryptocurrency assets directly with their bank accounts—giving consumers the benefits of crypto combined with the simplicity and security of a bank account.
Family-owned and based in Tulsa, Oklahoma, Vast Bank has served its customers since 1982. Learn more at https://www.vast.bank/.
JConnelly for Vast Bank
Vast Bank N.A., a nationally chartered bank and member of the FDIC, provides the banking products, including the products and services related to the digital asset account. As with any asset, the value of Digital Assets can go up or down and there can be a substantial risk that you lose money buying, selling, holding, or investing in digital assets. You should carefully consider whether trading or holding Digital Assets is suitable for you in light of your financial condition. Any Digital Assets in your digital asset account are not insured by any governmental entities, including but not limited to FDIC or SIPC. No Bank Guarantee and May Lose Value.