According to the statement given by Oklahoma-based Vast bank, it claims to be the first-ever bank in the United States to give its users a chance to purchase, sell-off and also keep hold of digital cryptocurrency-based assets using their bank accounts.
CEO of Vast Bank, Brad Scrivner, stated in an interview that the company was founded the bank in 1982 and has successfully managed to have a growth rate of assets reach 300% in about nine years of time. The company managed to boost its growth rate from $200Million in assets recorded in 2012, now reaching more than $800Million in assets, displaying outstanding success. Brad also mentioned that the company had already started to see opportunity in the cryptocurrency space back in 2016, as more and more of their customers had started to get indulged in it.
Brad specifically said that a lot of banks are stuck with old products, old strategies and many other reasons, which further downgrades their potential. It might also be a possibility that they are not illegible enough to bring innovation and change into their systems. Brad said that we had managed to see potential in the cryptocurrency market and had started preparations early, based on the factors of innovative technology and ownership.
Easy to use Application
The Vast Bank also has an online application that will help its users to conduct crypto-based transactions on the go. As of now, the supported cryptocurrencies include Bitcoin, BTC Cash, ADA, Ether and a few others. The application is currently made possible to run by forming a partnership with Coinbase, the worldwide popular crypto exchange and another software development company named SAP.
Users preferring Banks
A survey was held in which it was found out that more than 50% of the people supporting cryptocurrencies who took part in the survey mentioned that they have a solid trust in banks rather than online crypto-based service platforms when it comes to investing in crypto. So, this is not a surprise that this bank would also start to offer cryptocurrencies for trade.
It is very obvious that people want a safe and secure system for which they can invest, so the security and reliability of Banks are very strong, further giving them the reason to prefer Banks.