News recently broke that United States banks are allowed to hold Cryptocurrency and as a result of this, there have been waves centre throughout the industry. This news makes for new developments within the industry and was announced by the office of the comptrollers of the currency headed by the former executive of Coinbase, Brian Brooks.
It seems that many institutional players are wanting to have the crypto assets held by reputable third parties rather than handing the keys to the digital assets itself. This notion is that there are traditional finance people who don’t like the idea of private keys and phrases. Currently, though, COINBASE has a lot of digital assets in its possession.
One of the bigger players in relation to this matter is the San Francisco-based blockchain company ripple and this is because they have been working hard with banks and traditional financial investors. The chief executive officer of the company, Brad Garlinghouse said that this was a huge step forward in the right direction and remarked how the office had paved the way in adoption and innovation.
BOOM! Today’s ruling is a huge step forward. The @USOCC is absolutely leading the way to foster innovation, protect consumers and provide a level playing field for all. The future has never been fiat versus crypto - these can and should coexist in harmony! https://t.co/tlzVZrqcRj
— Brad Garlinghouse (@bgarlinghouse) July 22, 2020
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
