Vast Bank opens up to cryptocurrencies
The news was announced on August 25 via a statement from the bank, which had previously gone relatively unnoticed. Vast Bank is now offering its customers the ability to ” To easily buy, sell, and manage its cryptocurrencies.s 24 hours a day, 7 days a week, directly from [its] accounts “.
This is of course notable as it is the first bank in the United States to offer such options. There had already been a few initiatives in the country, like NYDIG. But this is the first time a bank has offered these services directly, without going through an ancillary service provider. Vast Bank wants to make sure it doesn’t miss the cryptocurrency train, according to CEO Brad Scrivner:
” While other banking institutions have been hesitant when it comes to cryptocurrencies, we have seized the opportunity […] to get rid of Of the complexity and anxiety that comes with owning cryptos.. We look forward to seeing how customers respond to this new service. “
Eight cryptocurrencies available so far
Vast Bank has selected eight crypto-currencies that are initially offered to customers. These include “classic” crypto-currencies such as Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH) and Litecoin (LTC). But there are also other altcoins including Cardano’s ADA, which is in the news right now, as well as Filecoin’s FIL, Orchid’s OXT and Algorand’s ALGO.
Among the advantages of accessing cryptocurrencies in this way, Vast Bank cites a great speed of execution, and trading fees set at 1%. The institution decided to open up these services following a survey it executed. It indicated that 50% of people interested in crypto-currencies would prefer to get them through a bank rather than an exchange platform.
A small revolution to come?
Vast Bank has confirmed that it will be evaluating other crypto-currencies on an ongoing basis, to determine which ones to add to this new service. While it is the first US bank to jump on the bandwagon, it certainly won’t be the last. The industry is slowly thawing out when it comes to cryptos, in the face of customers confirming their interest in these new assets.
In France, N26 had thus confirmed atJuly that it would soon offer cryptocurrency buying and selling services. In Switzerland, meanwhile, “crypto-bank” Sygnum has unlocked ETH staking for its customers.
However, distrust still largely prevails in the banking sector, and transfers to cryptocurrency platforms are still too often blocked. British customers of Barclays have experienced this recently. Still, Vast Bank’s opening to cryptocurrencies likely marks the beginning of a new era, though progress will likely be slow.
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About the author: Marine Debelloir
Associate Editor on Cryptoast, I fell into the crypto-currency pot a few years ago. I’m passionate about the innovative technologies that come from blockchain and I love digging up the juiciest news to share with you.
All articles by Marine Debelloir.