Vast Bank, located in Oklahoma City, announced the launch of Crypto Banking, a new service that will allow customers to deposit and withdraw funds using cryptocurrency. Customers will access their crypto funds via VastBank’s mobile application or by visiting any one of our physical branches.
Vast Bank has grown at an incredible rate of 300% in the last nine years, from $200 million to $800 million. With various innovative and forward-thinking products, Vast Bank’s growth is only expected to increase in future years.
At a time when banks are hemorrhaging customers, Vast Bank bank has taken a step into cryptocurrency. This latest adoption will serve to keep the bank relevant in the changing landscape of financial industries.
Many banks around the world have started to offer cryptocurrency services to their customers. To protect themselves against potential losses, financial institutions usually set up accounts for clients that only trade in cryptocurrencies. The bank’s latest decision to introduce cryptocurrency services to its customers isn’t a hasty move to keep up with other banks. Instead, they wanted to meet the needs of their clients and help them embrace blockchain technology by providing them with more options for payments.
Vast Bank also launched the VBCB app to make all its services available on a mobile phone and through a single sign-on process. At launch, customers will be able to buy bitcoin and trade stocks on their phones, get personalized stock portfolio reports delivered daily or weekly, make transfers between accounts with minimum fees or pre-authorized payment limits – all with just one click – as well as access other banking services.
The banks and institutions are locked into legacy products, a legacy mindset, and other legitimate reasons why they chose not to do things. But we were well-positioned to launch this from the mindset, technology, and ownership perspective.Vast Bank Chief Executive Officer Brad Scrivner said.
Blockchain technology has been gaining traction in the finance industry in recent years. Major financial institutions and corporations are exploring and investing in technology. The advantages of investing in blockchain-based systems, which are decentralized, transparent, and secure, have been increasingly recognized by companies.