On Wednesday, January 27th, 2021 Vast Bank, N.A. (Vast) successfully executed an end-to-end cryptocurrency transaction. In doing so, Vast believes it is the first nationally chartered financial institution to both purchase and provide custody services for a digital asset on behalf of a customer and directly from their bank account. This accomplishment represents a milestone for federally regulated banks and a big step toward building customer trust and broader adoption of cryptocurrencies.
Today, finding an easy way to purchase and manage cryptocurrencies is perhaps the biggest hurdle to mass adoption. Complexity remains high, trust is low, and customers often experience frustration and difficulty moving between cryptocurrencies and fiat currencies.
"We are beyond excited to have the ability to offer tightly integrated bank and cryptocurrency services to our customers and Fintech partners," said Brad Scrivner, President and CEO of Vast Bank. "Digital assets have always been a part of our long-term strategy. Given the OCC’s recent approval on the matter, we chose to accelerate the initiative so-as-to empower our customers through an easier, more enjoyable financial services experience. Providing our customers with the ability to seamlessly purchase and custody digital assets through their bank account is another big step in our never-ending journey to make banking surprisingly easy."
Vast Bank aims to set the new standard by enabling customers to simultaneously manage both their bank and crypto accounts side-by-side in a high-tech and secure UI, powered by world-class software and regulated by the Office of the Comptroller of the Currency. For Vast Bank, serving their customers is the top priority. In 2018, they started their digital transformation to provide a digital-first approach with SAP. Vast Bank was the first U.S. customer to implement SAP Banking Services and uses the S/4HANA finance solution and the SAP HANA platform to provide a blue-chip banking experience to their customers and to expand their offerings through partnerships with other financial services providers.
Vast partnered with Coinbase, an industry-leading crypto technology infrastructure provider for crypto market execution services, market data feeds, transaction monitoring, order routing, and digital asset custody (such as cryptocurrencies). Leveraging the partnership with Coinbase Institutional and Coinbase Custody, Vast will provide market access to seven exchanges, algorithmic order execution, deep liquidity, and crypto wallet management. Vast will operate at global scale with operation in major financial centers, provide competitive pricing, and leverage industry-leading crypto features.
"Vast Bank created a seamless user experience by digitizing its operations, creating one source of truth for financial data, and putting customers in more control of their finances. With this breakthrough, Vast Bank is at the forefront of providing cryptocurrency-related services in an equally seamless manner. As we have learned from the Covid-19 pandemic, the need for digital banking services will continue to grow, and Vast Bank is positioned to stay ahead of the competition with the SAP HANA platform as their foundation," said SAP’s Global Head of the Banking Industry, Falk Rieker.
About Vast Bank
Vast Bank has built its legacy on personal service, strength, and integrity. With bold leadership and a renewed commitment to customer-centricity, Vast is building on its past to create a future based on new ideas, world-class technology, and a winning culture to delight customers through simplicity and control. Family-owned and based in Tulsa, Oklahoma, Vast Bank has served its customers since 1982.
Coinbase Institutional is an integrated solution that marries our custody, advanced trading platform, and prime brokerage services. Our unified investing experience has the tools sophisticated investors need to execute large and complex trades, complemented by a diverse pool of liquidity. Working on an agency basis helps us assure clients that our interests are aligned as we seek to find the best prices available on the market. Once trading is complete, Coinbase Custody is one of the safest places to store digital assets, which are segregated and held in trust for the benefit of our clients.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210204006143/en/
Meredith Poling, Propeller Communications