Vast Bank Makes OXT Available to FDIC-Insured Checking Account HoldersSep 29, 2021
OXT, Orchid's native digital asset, has been selected as one of just eight digital assets available for direct purchase by FDIC-insured checking account holders at Vast Bank, N.A. United States authorities recently approved the Oklahoma-based institution as the first federally chartered bank to offer customers the ability to buy, sell, and store digital assets using a checking account.
Orchid's decentralized VPN marketplace uses a robust system of OXT-powered incentives to ensure ample bandwidth is always available and users only pay for the bandwidth they use. Providers are paid in OXT using an innovative system known as probabilistic nanopayments. And it's easy for users to get started with Orchid in seconds when they purchase pre-filled accounts with nothing more than an ordinary credit card. The app is available for iOS and Android devices, as well as most desktop OSs.
Dr. Steven Waterhouse, Orchid's Co-Founder and CEO, said: "We are proud to see OXT as one of the first digital assets offered by a federally-chartered bank in the United States. OXT is a key component of Orchid's mission to make online privacy available to people everywhere, and Vast Bank's decision to offer OXT is likely to expand access to many more people."
Vast Bank is a locally-owned financial institution founded in Tulsa, Oklahoma nearly 40 years ago. In addition to OXT, its recently-launched Crypto Banking service allows checking account holders to buy, sell, and store Bitcoin, Ethereum, Cardano, Filecoin, Litecoin, Algorand, and Bitcoin Cash.
Stephen Taylor, CIO of Vast Bank, commented: "We listen very closely to our customers, and one of the most frequent topics of our conversations with them in recent years has been crypto. They wanted to be able to purchase digital assets using their bank accounts, with the same level of simplicity and security they have come to expect from our platform. This is what drove the development of our Crypto Banking service. OXT is one of today's most popular digital assets, and we are glad to enable our customers to access and manage OXT assets in this innovative way."
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