Cryptocurrency Custody Services Can Now be Offered by US National Banks

As a result of the financial world continuously adapting to new technologies and methods of conducting business and transactions, the relatively new cryptocurrency sector has finally been given the opportunity to emerge in the banking sector.

The latest development amidst technological advancements will now allow banks to not only hold physical assets for their clients, but digital assets as well. The Office of the Comptroller of the Currency (OCC) has recently granted approval for US national banks to hold unique cryptographic keys for cryptocurrency wallets, significantly paving the way for crypto companies attaining banking services from reputed national banks.

Prior to the OCC’s latest crypto industry development, the custody of cryptographic keys was solely the responsibility of specialist firms such as Coinbase. Now however, regulated financial companies will be able to offer more secure safekeeping services, such as fiduciary and non-fiduciary custodian services. Moreover, the OCC also encourages national banks to provide banking services to cryptocurrency businesses that align with risk mitigation and adherence to applicable laws.

Information for this briefing was found via Coindesk. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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