Vast Bank, a $800 million-asset family owned institution, launched its crypto banking services this summer when it unveiled a platform that allows customers to store and exchange digital assets at the Tulsa, Oklahoma-based bank.
Since launching at the end of August, CEO Brad Scrivner said the new offering has allowed the bank to significantly grow its retail customer base.
“We’re probably at about 50% of what it took us 40 years to build, in terms of our retail customer population, in just those 8 weeks,” he said.
Customers from all 50 U.S. states and three U.S. territories have opened cryptocurrency accounts with the bank since the launch, representing what Scrivner said is a growing demand for nationally chartered institutions willing to hold digital assets for customers.
“With our initial announcement, we had significant ‘whales,’ meaning very high net worth crypto players, contacting
us, because right now they have self custody, where they have the equivalent of hundreds of millions of dollars, buried in their backyard,” said Scrivner. “Why on earth would you not want to have a national bank involved? Because we are regulated, this is a place where customers can feel more comfortable being able to get involved and have clarity.”
The platform, Scrivner said, is also seeing significant interest from a category he calls the “crypto curious” — a demographic that is just beginning to invest in the space.
“They’re wanting to make sure that when they do come into