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/biz/ - Business & Finance

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20668919 No.20668919 [Reply] [Original]

(https://asiatimes.com/2020/07/us-banks-can-now-offer-crypto-custody-services/))

>The Office of the Comptroller of the Currency (OCC) has decided to allow all nationally chartered American banks to provide custody services for cryptocurrencies.

>In a public letter dated July 22, Senior Deputy Comptroller and Senior Counsel Jonathan Gould wrote that any national bank can hold onto the unique cryptographic keys for a cryptocurrency wallet, clearing the way for national banks to hold digital assets for their clients, CoinDesk reported.

The letter marks a major development for the crypto industry. Previously, custody was the province of specialist firms, such as Coinbase, which typically needed a state license, such as a trust charter, to offer the service to large investors. Now, large, regulated financial companies that already provide similar safekeeping services for stock certificates and the like could enter the fray.

The letter, which appears to be addressed to an unidentified bank or similar entity, notes that banks “may offer more secure storage services compared to existing options,” and that both consumers and investment advisers may wish to use regulated custodians to ensure they don’t lose their private keys, and therefore, access to their funds.
>“The OCC recognizes that, as the financial markets become increasingly technological, there will likely be increasing need for banks and other service providers to leverage new technology and innovative ways to provide traditional services on behalf of customers,” the letter said.

>Banks can provide both fiduciary and non-fiduciary custodian services, the letter said.

>> No.20669014

>>20668919

Crypto was meant to end these fuckers.

The one positive I see is I can finally prove that I'm a millionaire without selling my stacks. I have $5k in the bank. I'm looking at buying a house now. There is no way I would qualify for a loan even though I have over a million in Crypto. Now, I can let the fucks hold the key long enough to get a loan.

>> No.20669041

golden bullrun is coming

>> No.20669073

>>20668919
Priced in

>> No.20669088
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20669088

>crypto custody services
For what purpose? The entire purpose of cryptocurrency is that you can be your own custodian without having to rely on middle men like banks or card processors.

>> No.20669139

>>20669088
Sergey went and fucked that up for you though

>> No.20669242

>>20669014
I'm in literally same situation. This news doesn't seem great to me as institutions have never helped crypto so far. I didn't think of the possible home loan now, that would be sweet. Although probably still never worth letting those assholes touch our crypto, esp if staking comes soon.

>> No.20669274

>>20669139
Sergey betrayed us all

>> No.20669293

>>20669242
>as institutions have never helped crypto so far

Maybe they felt like they didnt own enough coins before

>> No.20669312
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20669312

>>20669014
>Crypto was meant to end these fuckers.
also
>Now, I can let the fucks hold the key long enough to get a loan.

Go back.

>> No.20669322

>>20669088
as an investment medium.

>> No.20669324

>>20669088
Normies need other people to handle things for them.

>> No.20669325

>>20669041
Can confirm. I'm prepping the bull right now.

>> No.20669327

>>20669312
Nu fag detected

You should take ur own advice

>> No.20669395

>>20668919
wwwwttttffff aliens now this...nigha what the fuck gunna come out tomorrow damn

>> No.20669409

So crypto is now 100% legit. Tons of nocoiner fags said this would never happen.

>> No.20669452

>>20669327

Hell yeah, nice ID.

>>20669312

You go back FAG! I've actually been spending Bitcoin for the past 5+ years on drugs, clothes, etc. unlike 97% of current "users". I've done my part. I need a fucking place to live and if I can prove to THEM that I qualify for a low interest home loan by letting them hold my cyrpto for a short period so be it.

>> No.20669534

don't even own half a btc am i screwed

>> No.20669569

If you support this for any other reason than this *might* lead to a bull run then you're a fucking fag that doesn't understand crypto and ngmi
>>20669014
>>20669088
This
>>20669312
Kys Schlomo

>> No.20669642
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20669642

>> No.20669693

>>20668919
Who the fuck cares, nobody is buying this shit

>> No.20670481

>>20669293
kek
They will never get my VRA though, never

>> No.20670494

>>20668919
We know. Buy FUND. It's happening tonight.

>> No.20670590
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20670590

Guess who has been talking about this since at least 2017?

>> No.20670604

>>20668919
I got my own bank. its called a ledger nano

>> No.20670632

>>20670604
yeah, but financial advisors with the banks now have an additional path for asset diversification to sell to normies.
M A S S A D O P T I O N N I G G A

>> No.20670649
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20670649

>>20670632
based answer