This Micro-Bank in Oklahoma Now Allows Customers to Purchase Cryptocurrency Through Its Mobile App

A bank in Tulsa, Oklahoma, is adding a cryptocurrency buying option to its mobile banking app.

Customers may now buy bitcoin and seven other cryptocurrencies at the same place they check account balances at Vast Bank (previously Valley National Bank), which has been testing client purchases of crypto using money from their bank accounts for the first half of the year.

“You've undoubtedly heard the studies that indicate 60 percent of people who haven't used cryptocurrency yet say they want to, but they want to do it via their bank,” Vast CEO Brad Scrivner said. “I think that cryptocurrency will basically become a financial feature.”

More banks and fintech firms that do business with banks have recently developed crypto-related solutions to assist these institutions in capturing assets that might otherwise be lost to exchanges. At the conclusion of the first quarter, Vast had $783 million in total assets. JP Morgan Chase, the nation's biggest bank by assets, with $3.2 trillion in its portfolio.

Clients will be able to view their crypto account balances alongside their fiat account balances after Vast Bank started enabling certain customers to purchase cryptocurrency using money from their bank accounts in February.

The bank has decided to be the custodian of its clients' bitcoin, while Coinbase serves as the exchange, according to interpretive letters from former Acting Comptroller of the Currency Brian Brooks last year.

Vast also caters to crypto businesses, who have had difficulty obtaining conventional bank accounts in the past and often seek out numerous banking connections in order to hold and transfer their customers' fiat money.

According to Scrivner, more crypto capabilities will likely be introduced to the app alongside the buying option.

Scrivner said, “We have already started doing some things on the loan side in terms of looking at a legal review.” “There is crypto-collateralized lending. We'd most likely start with bitcoin and Ethereum.”

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