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
Published on Sep 27, 2020
by Cointele | Published on Coinage
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