A bank named Vast Bank has stated that it is the very first Bank in the United States that lets its users transact and hold cryptocurrencies using their Bank accounts.
Based in the city of Oklahoma, Vast Bank operates independently, and according to a public statement released by the Bank on the 25th of August, the ability to transact and hold cryptocurrencies is possible using their own mobile-based application, which makes it much easier to deal in cryptocurrencies on the go.
The Bank currently has support for eight of the top cryptocurrencies available in the market. Tradable cryptocurrencies include Bitcoin, Cardano (ADA), Ethereum, Litecoin, Bitcoin Cash, and four others. CEO of Vast Bank, Brad Scrivner, gave comments regarding the service, saying that the Bank is very proud to fulfill their customer’s needs, which they have been requested for quite a while now. Users of Vast Bank were demanding a safe and secure method of purchasing cryptocurrencies like Bitcoin and many others directly utilizing their Bank accounts, highlighting the lack of security and trust provided by several other platforms.
Brad continued by saying that the implementation of cryptocurrency payments was definitely a challenge, so a lot of work and resources were put into this challenge to make it possible. Brad focused on the point that implementation of this system was not an easy task, especially for a small bank, so by partnering up with SAP and Coinbase, the system came to life and is now working in full form. As for Coinbase’s stance, the behemoth crypto exchange also thought that this was a great opportunity for the bank to fulfill user demands.
The bank is really excited about the launch of this service that will allow its users to explore the hidden potential of the cryptocurrency space and bring them the satisfaction of a flexible and secure payment system they are hoping for, so this is a great achievement for Vast Bank.
Features of the System
Some of the advantages of cryptocurrency trading using Vast Bank’s services include safety measures that will help to secure user assets from any hackers or exploiters, an insurance system powered by the FDIC, which will give insurance to user’s accounts having assets worth up to $250,000 and instant transaction speeds, without any delays in conversions or transfers.