The United States Office of the Comptroller of Currency (OCC) has opened up bank services to crypto enthusiasts. Specifically, National Banks and Federal Savings Associations “of all sizes” can provide cryptocurrency custody to customers.
Previously, just a small fraction of the financial firms in the country has been allowed to provide crypto services, but with the new mandate, all financial firms in the U.S. can now hold crypto.
Because banks are pivotal to crypto adoption, financial outfits can now recognize crypto as an investment, and banks can protect those who hold them.
The new mandate shows that banks are pivotal to crypto adoption
Since its inception, only selected institutions were given the go-ahead to hold and store cryptos for customers. With the new mandate, financial firms like Wells Fargo will be able to provide crypto services to their clients.
If banks start offering their services to crypto holders, they would be able to trust the digital assets. The highlight of the new mandate shows that banks are pivotal to crypto adoption.
Furthermore, even if banks now hold and store crypto for their customers, it doesn’t automatically mean that the market’s volatility would disappear. But many people who are skeptical about venturing into the crypto space would have a wide range of options.
Even with the risk attached, having the right way to go about investments that the bank can provide could fetch a lot of money.
Digital assets companies can be allowed to hold accounts across the US
With the recent mandate, digital assets companies can now hold accounts in financial firms across the United States of America, which was not previously possible.
With this move, financial institutions would not only be saddled with the responsibility of providing adequate education to their customers, but also crypto outfits, and other firms will too.
It should be noted that Bitcoin was not created to follow a process like this as the asset was developed to work without the hassles of financial institutions.
With the majority of the global population still looking for ways to enter the crypto sphere, making the system flexible might make that achievable.
Because institutional investors are still going through troubles to enter the industry, this new mandate that shows that banks are pivotal to crypto adoption will make this possible.