US Banks Can Offer Crypto Services
According to a new OCC (Office of Comptroller of the Currency), any bank in the USA can hold personal keys for digital wallets for its customers, opening the path for digital asset management from traditional banks.
For a customer to able to manage his crypto portfolio and invest in diversified portfolios, he should address a specified company like Coinbase. The main service that many banks are interested to provide is custody, which means the storage and keeping of private keys that could unlock crypto wallets for every user.
This direction is considered positive for the crypto space as the financial world is more and more interested in engagement in the crypto space. What we saw in the last months is that JP Morgan starts to offer banking services in crypto exchanges like Gemini and Coinbase.
We look forward to seeing how the US banks will take advantage of the new ability that was given to them.