Blockchain and Crypto, Member Exclusive

‘Crypto isn’t just for the crypto-obsessed anymore’: How a family-owned retail bank is introducing its customers to digital currencies

  • Vast Bank allows its customers to buy, sell and manage cryptocurrencies alongside a traditional checking account.
  • The bank claims it’s the first federally chartered financial institution in the U.S. to offer this service.
close

Email a Friend

‘Crypto isn’t just for the crypto-obsessed anymore’: How a family-owned retail bank is introducing its customers to digital currencies

Innovation often comes from unexpected places. Vast Bank, an Oklahoma-based, family-owned bank with less than $800 million in assets, is offering its customers the ability to build and manage a cryptocurrency portfolio alongside a traditional checking account. The bank claims it’s the first federally chartered institution in the country to offer access to cryptocurrencies together with a fiat account.

The crypto banking service is offered within Vast Bank’s mobile app, which currently allows customers to purchase eight major cryptocurrencies: Bitcoin, Bitcoin Cash, Cardano, Ethereum, Filecoin, Litecoin, Orchid, and Algorand. The Vast team plans to add new coins to the platform in the future, possibly by next year.

Innovation often comes from unexpected places. Vast Bank, an Oklahoma-based, family-owned bank with less than $800 million in assets, is offering its customers the ability to build and manage a cryptocurrency portfolio alongside a traditional checking account. The bank claims it’s the first federally chartered institution in the country to offer access to cryptocurrencies together with a fiat account.

The crypto banking service is offered within Vast Bank’s mobile app, which currently allows customers to purchase eight major cryptocurrencies: Bitcoin, Bitcoin Cash, Cardano, Ethereum, Filecoin, Litecoin, Orchid, and Algorand. The Vast team plans to add new coins to the platform in the future, possibly by next year.

Although it was officially launched just a few weeks ago, Vast Bank’s crypto offering has been years in the making. It was back in 2016 that CEO Brad Scrivner first began observing crypto trends and discussing the potential of blockchain use cases with shareholders. Years later, in 2020, former OCC chief Brian Brooks announced that institutions with a national banking charter could become custodians for crypto assets. Following this announcement, Scrivner knew that offering a crypto trading and management service was now a real possibility for the bank.

Executing and operating this type of service is not an easy task for a small bank. Vast Bank teamed up with Coinbase and SAP to launch this product. SAP provides the enterprise application software for running the service, while Coinbase provides the infrastructure for the buying and selling of cryptocurrencies on the Vast Bank app.


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “‘Crypto isn’t just for the crypto-obsessed anymore’: How a family-owned retail bank is introducing its customers to digital currencies”

Outlier OpinionsMakers

Data Snacks, Member Exclusive

Data Snack: Millennial retail traders rise during the bear market

  • Millennials opened 46% of all new retail trading accounts in the first half of 2022, according to DriveWealth’s Global Investor Report.
  • The ability to invest with small dollar amounts was the most frequently cited motivator to start investing.
Lindi Miti | December 01, 2022
Green Finance, Member Exclusive

Green Finance Briefing: The stroll to zero – finance has a long way to go

  • At COP27, there were no commitments to phase down or reduce fossil fuel use in the final overarching deal, and there was no breakthrough in the rules of finance either.
  • GFANZ faces a serious question: what is the purpose of a net-zero alliance when members are allowed to continue investing in fossil fuel expansion?
Iulia Ciutina | November 30, 2022
Embedded Finance, Member Exclusive

Embedded Briefing: SMB servicing presents strong potential for embedded finance

  • Across the US, UK, and Europe, the SMB embedded finance market presents a $110 billion opportunity.
  • SMBs are demanding easier access to capital, simplified financial management, and card issuing capabilities.
Subboh Jaffery | November 29, 2022
Blockchain and Crypto, Member Exclusive

Bankchain Briefing: FTX — implications, impact, and the way forward

  • In the aftermath of FTX, the crypto world seems to be in disarray.
  • Where do we go from here?
Ismail Umar | November 28, 2022
Lending, Member Exclusive

Lending Briefing: Q3 credit lines are at all time high while delinquencies rise

  • Earlier this year, lenders were becoming more comfortable to lend to subprime borrowers due to record low delinquency rates across products.
  • However, with a recession on the horizon and inflation closing in, the winds of change are blowing with many trends returning to their pre-pandemic patterns.
Iulia Ciutina | November 23, 2022
More Articles