Why Banks Are the Key to Crypto Adoption in the United States

 

While countries are recognizing cryptocurrencies as legitimate forms of currency, it seems that the future of crypto adoption has never been brighter.

Cryptocurrency is about to become more accessible, thanks to a new mandate by the United States Office of the Comptroller of Currency (OCC). Now, National Banks and Federal Savings Associations “of all sizes” can provide cryptocurrency custody to customers.

According to the letter, these spaces have had permission to store digital assets since 1998, and cryptocurrency will be an extension of that. Of course, this could mean more than just holding wallet keys, though that is the primary intent of the service. The point here is that banks recognize cryptocurrency as a valid vehicle for investment, considering they’re now willing to protect those who hold them.

This is a massive step forward for Americans in the crypto adoption space.

Before now, only specific businesses could hold cryptocurrency in custody. But as Nasdaq states, this…


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