In the middle of the year, the digital asset custody industry saw welcome developments when the Office of the Comptroller of the Currency officially announced that all nationally chartered banks in the United States can provide custody services for cryptocurrencies.
Digital assets offer great wealth potential, but asset custody providers have a responsibility to prevent their clients from becoming another figure of global crypto attacks, which reached a value of $1.4 billion in June this year.
Banks custodying crypto is a positive step in the maturation of digital assets.
Banks have a unique opportunity with this move to dramatically increase wealth opportunities for millions of people across the globe through custodying digital assets.
The story of traditional banks and new fintech digital asset providers can be compared to the old story of the Western Union and the pony express.
The future of finance is moving fast, and if banks do not incorporate the correct protective and regulative mechanisms, assets are at great risk.
Unless they're planning to build from scratch, banks will need access to the right technology that can safely secure digital assets.
Banks have an option to integrate with the existing infrastructure that niches specifically in the protection, regulation and security of digital assets with whom digital asset protection is a number one priority, not their second.
As global markets begin to recognize that the existing financial infrastructure is on the brink of failure, banks must follow the digital asset industry to protect the future of the financial industry.
New on-boarders embracing the digital asset space must understand how to effectively manage risks, comply with local and international laws, and be responsible for their customers' assets.
Banks must establish infrastructure for digital assets before it's too late
Publicado en Sep 27, 2020
by Cointele | Publicado en Coinage
5 on-chain trends show Bitcoin fundamentals are "incredibly good"
Bitcoin is roaring higher after weeks of consolidation in a $1,000 range between $10,000 and $11,000.
Market Wrap: PayPal Powers Bitcoin Past $12.8K as Ether Dominance Drops
Oct 21, 2020 at 20:29 UTC.Bitcoin blows past its previous 2020 high while ether's crypto market share dips from its 2020 high in September.
Bitcoin Rallies Above $13K Less Than 24 Hours After Breaking 2020 Highs
51 at 22:22 UTC by press time, representing a 8.7% gains in the past 24 hours, according to CoinDesk's Bitcoin Price Index.
Kraken Relaunches Crypto Trading in Japan After Two-Year Break
Oct 22, 2020 at 08:57 UTCUpdated Oct 22, 2020 at 13:42 UTC.U.S.-based crypto exchange Kraken is once more letting Japanese residents fund their accounts and trade crypto on its platform.