Drained: Custodian providers for safekeeping securities Wired: Custodian providers for safekeeping digital belongings
The Workplace of the Comptroller of the Foreign money (I’m sorry about that identify) has cleared the way in which for nationally chartered U.S. banks to take cryptocurrency deposits. Now you don’t must preserve your non-public key underneath your mattress.
The OCC’s choice permits banks to carry digital belongings for patrons. It requires a little bit of psychological gymnastics for banks used to conventional belongings.
“A bank ‘holding’ digital currencies on behalf of a customer is actually taking possession of the cryptographic access keys to that unit of cryptocurrency,” the OCC wrote.
Data superhighway x Wall Street
The OCC wrote that the transfer represents a modernized type of banking providers. Regulators have gotten extra innovation-friendly—Brian Brooks, the appearing comptroller, was previously the chief authorized officer of Coinbase.
Large image: Coinbase is eyeing an IPO; JPMorgan lately prolonged banking providers to the exchange in addition to Gemini, a competitor. Blink and also you’ll miss new cryptocurrency on-ramps for buyers who haven’t hodl’ed earlier than (misspelling intentional).