- 2021 has been the Year of Cryptocurrency for Vast, a small family-owned Oklahoma bank with the bank introducing multiple services that led up to its new Crypto Banking service, introduced in August 2021. The new app enables the buying and selling of cryptocurrencies directly with bank accounts, something the bank’s customers have expressed interest in.
- The accounts give customers the ability to buy, sell and hold seven cryptocurrencies, including Bitcoin, Bitcoin Cash, Cardano (Ada), Ethereum (Ether), Litecoin, Orchid and Algorand. Additional crypto types could be added on a case-by-case basis.
Among the features the bank is promoting:
- Instant availability. Often when crypto assets are sold on traditional crypto exchanges (a funny term given how new they are!) it can take several days for proceeds to become available in dollars. Vast Bank promises funds will go into the app’s linked checking account right away.
- No lockouts. An issue with some crypto wallets is loss of access to funds if passwords or digital keys are lost or if the holder dies without giving the access information to heirs. The bank avoids this by serving as formal custodian, “holder of the keys.”
- Dual insurance. The checking account portion of the product comes under FDIC insurance and the crypto assets are protected by insurance provided by Coinbase.
- Competitive trading fee. Vast Bank charges 1% fees on trades. By comparison, PayPal offers tiered rates, the lowest being 1.5%.
- Interest on checking. The bank account portion of the product — not the crypto portion — pays interest.