US banks will provide services for the storage of cryptocurrencies

US banks contacted cryptocurrency storage services regarding potentialcooperation. The head of the US Office of Currency Exchange (OCC), Brian Brooks, stated this in an interview with the YouTube channel Unchained Podcast.

According to Brooks, the financial groupinstitutions became interested in cooperating with local cryptocurrency companies after the regulator officially allowed banks to provide services for the storage of digital assets.

“I heard ... that several banks have contactedlarge custodians like Anchorage and Coinbase on whether they want to partner with national banks whose clients are interested in investing in bitcoin "Brooks said.

The head of the OCC also believes that financialConglomerates around the world will not build their own cryptocurrency custody solutions from scratch, but rather will buy or partner with market leaders to meet their customers' demand.

Almost immediately after the official approval of the OCC,the prices of many cryptocurrencies have jumped higher, signaling solidarity among institutional investors with the regulator's decision to allow banks to hold virtual assets, Brooks said.

Delaying world recognition

As a reminder, in July 2020, the OCC issuedan official resolution that allowed American financial institutions to provide custody services for cryptocurrency assets. Then the regulator explained its decision by the growing demand for reliable storage for cryptographic keys associated with cryptocurrencies.

It is noteworthy that back in May 2020, largeBanks like JPMorgan Chase and Goldman Sachs have openly advocated against investing in virtual currencies. Financial advisors at banking institutions actively discouraged their clients from investing in Bitcoin and other cryptocurrencies.

However, according to the analytical reportGoldHub, precious metals are already losing their attractiveness due to global financial turbulence. In the third quarter of 2020, global gold demand fell 19% to just 829 tonnes, a record low since 2009. At the same time, renowned financial services provider Fidelity is actively growing its presence in the Asian market due to demand for cryptocurrencies among local high-net-worth investors and family offices.

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