A bank based in Tulsa, Oklahoma, is inserting a crypto buying function into its mobile banking app.
Vast Bank (formerly Valley National Bank) tested crypto purchases with money from their bank accounts throughout the first half of the year and is now ready to buy customers bitcoins and seven other cryptocurrencies in the same place where they check account balances.
âYou’ve probably seen the polls that say 60% of people who have not yet embarked on crypto say they would like to do it, but they would like to do it through their bank,â said Vast CEO Brad Scrivner. . “I think crypto is going to essentially become that feature within the bank.”
Recently more banks and fintech companies doing business with banks has developed crypto-related products that would help these institutions capture assets that would otherwise go for trading. Vast’s total assets at the end of the first quarter were $ 783 million. By comparison, JP Morgan Chase, the country’s largest bank by assets, has $ 3.2 trillion in assets.
In February, Vast Bank began authorizing certain customers buy crypto-currencies with money from their bank accounts, and now customers will be able to see their crypto account balances with their fiat account balances.
Taking advantage of interpretive letters from former acting currency controller Brian Brooks last year, the bank has chosen to be the custodian of its clients’ cryptocurrency while Coinbase acts as an exchange.
Vast also serves crypto companies, which have historically struggled to secure traditional bank accounts and often aim to have multiple bank relationships to store and move their users’ fiat currencies.
New crypto features will likely be added to the app with the option to purchase, Scrivner said.
âWe have already done some things on the lending side in terms of legal review,â said Scrivner. âThere are loans against crypto as collateral. We would probably start with Bitcoin and ETH.
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