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Vast Bank Crypto Service Will no Longer be Available- Report

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Vast Bank Crypto Service Will no Longer be Available- Report
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Vast Bank, a US-based bank that entered the crypto sector in 2021, has announced its plan to take its crypto application down the internet. The bank was offering its crypto services with the support of Coinbase and SAP, a firm based in Germany. 

Following its launch, Vast Bank argued that it became the first bank in the United States to enable users to buy and sell crypto alongside a traditional checking account. 

Now displayed notice on its website, Vast Bank wrote that “To strategically align our operations, effective Wednesday Jan. 31, 2024, we will be disabling and removing the Vast Crypto Mobile Banking application from Google and Apple, which means your Vast Crypto Mobile Banking account(s), including any Digital Assets held in custody, will be liquidated and closed.” 

“will have a cashier’s check mailed to their address on file,” the bank further added “ unsafe or unsound practices, including those relating to capital ratios, capital and strategic planning, project management, books and records, liquidity risk management; interest rate risk management, information technology controls, risk management for new products, and custody account controls.”  

The sudden decision by the bank to exit the market will initially impact the bank’s user base. Still, the aim of long-term sustainability in the financial market appreciates the move. 

Other than Vast Bank, several other banks have entered the crypto industry in the past few quarters, and dozens have failed. However, some are performing positively, and some already exited the sector. 

Market observers claim that several mainstream banks filed for bankruptcy and majorly entered the market to back or revive the failed or collapsed crypto lenders. Vast Bank crypto platform was praised mainly due to its unique features. 

Major Crypto Updates

Despite significant failures of the traditional and crypto banks, there is still cutthroat competition between banks of different nations. In the past 24 hours, the crypto market capitalization slipped 0.72% and was $1.64 Trillion as of writing. 

The market leader, Bitcoin, was trading at $42,639 with an intraday decline of 1.33% and a weekly decline of 1.63%. Despite the decrease in the price, the trading volume grew 22.11%.   

The $1 Billion-asset Vast Bank announced this week that it was disabling and removing the Vast Crypto Mobile Banking platform from both Apple and Google app stores effective Jan. 31. At that time, all assets were liquidated and accounts closed.

Ethereum Name Service (ENS) grew over 20% in the past 24 hours, placing at the top of the intraday gainer’s list, followed by Hedera, Pendle, and Optimism. Monera’s price fell the most, making the top of intraday losers list.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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