Cryptocurrency and blockchain are increasingly involved by institutional actors, giving more legitimacy to digital assets.
Top-tier banks are working on their solutions for cryptocurrency
In this article, we have 7 banks working on crypto solutions, such as custody and trading.
What a difference it can make in a year. Bitcoin increased by an extraordinary 340 per cent in 2020, leading many banks across the globe to soften their outlook on cryptocurrencies and begin offering their customers cryptocurrency services.
This week, Interpretive Letter 1174 was issued by the US Office of the Comptroller (OCC), an autonomous US Treasury division overseeing all national banks, clarifying that banks in the United States may use stable coins to conduct some banking functions, such as payment activities.
This Interpretive Letter comes a few months after their previous letter announcing that they have cleared US banks to provide their customers with cryptocurrency custody services. Banks are not only engaged in the United States with Crypto Markets and Blockchain Technology – this is a truly global phenomenon and we are already seeing banks working on their cryptocurrency solution from Europe, Asia and other markets.
SC Ventures, the Fintech investment arm of Standard Chartered, announced that they are teaming up with Northern Trust to launch a custodian unit of UK-based institutional-grade cryptocurrency. In 2021, the company is planned to exist in London and will be renamed Zodia Custody.
BANK OF AMERICA
Bank of America filed a patent with the US Patent and Trademark Office about two years ago to provide large-scale institutional investors, and retail traders, with cryptocurrency custody. The method they have requested is like the one Xapo uses by storing the Bitcoins and Crypto Assets of customers in a ‘safe digital vault.’
As Previously Reported by Thecoingraph Bank of America Files Patent for Cryptocurrency
DBS BANK OF SINGAPORE
They revealed in October 2020 that they will offer to trade, STOs, and custody. To facilitate spot exchanges between fiat and cryptocurrency, it launched the DBS Digital Exchange, which is 10 per cent owned by the Singapore SGX stock exchange.