The US financial regulator saw the interest of banks in the storage of cryptocurrencies

  • American banks are showing interest in providing cryptocurrency custody services

  • Interest arose after the official permission from the financial regulator to provide this kind of services

  • Big banks probably won’t reinvent the wheel, but buy existing players on the market

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The American financial regulator said it sees the interest of US banks in cooperation with local cryptocurrency exchanges

US banks have contacted cryptocurrency custody services for potential cooperation. Brian Brooks, head of the US Currency Exchange Office (OCC), said this in an interview with the Unchained Podcast YouTube channel..

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According to Brooks, a group of financial institutions became interested in cooperation with local cryptocurrency companies after the regulator officially allowed banks to provide services for the storage of digital assets..

“I’ve heard … that several banks have contacted major custodians like Anchorage and Coinbase about whether they want to partner with national banks whose clients are interested in investing in bitcoin,” Brooks said..

The US financial regulator saw interest ...

The head of the OCC also believes that financial conglomerates around the world will not create their own solutions for storing cryptocurrencies from scratch, but rather will buy market leaders or enter into cooperation with them to meet the demand of their customers. Almost immediately after the official approval of the OCC, the prices of many cryptocurrencies jumped up, signaling the solidarity of institutional investors with the decision of the regulator to allow banks to hold virtual assets, Brooks noted..

Delaying world recognition

We will remind, in July 2020, the OCC issued an official decree, which allowed American financial institutions to provide services for the storage of cryptocurrency assets. Then the regulator explained its decision by the growing demand for reliable storage for cryptographic keys associated with cryptocurrencies..

It is noteworthy that back in May 2020, large banks like JPMorgan Chase and Goldman Sachs were openly propagandizing against investing in virtual currencies. Financial advisors to banking institutions actively discouraged their clients from investing in bitcoin and other cryptocurrencies.

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Nonetheless, precious metals are already losing traction due to global financial turbulence, according to a report by analyst firm GoldHub. In the third quarter of 2020, global gold demand fell 19% to just 829 tonnes, a record low since 2009.

💡What is Crypto Custodianship?

At the same time, renowned financial services provider Fidelity is actively expanding its presence in the Asian market due to the demand for cryptocurrencies among local wealthy investors and family offices..

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