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US Banks May Seek to Partner With or Buy Crypto Custodians, OCC's Brooks Says
The OCC's July ruling that allowed banks to provide custody spurred the newfound interest, Brooks said.
U.S. banks are looking at ways to handle crypto adoption in the wake of the Office of the Comptroller of the Currency’s (OCC) July decision to allow banks to provide custody for cryptocurrencies, Acting Comptroller Brian Brooks said in a podcast. That may mean partnering with or purchasing custodians, he said.
STORY CONTINUES BELOW
- Speaking on Laura Shin's "Unchained" podcast earlier this week, Brooks said "Well, what I have heard ... a number of big crypto custodians – Anchorage, Coinbase and a number of others – have been contacted by banks about whether they’d be willing to be like the third-party custody providers for national banks whose customers want to invest in bitcoin.”
- Brooks speculated that due to the complexity of being a custodian, banks will seek to partner with or outright buy custodians to handle the cryptocurrencies invested with them.
- "What they’ll want to do is either buy crypto custodians, or partner with crypto custodians to provide those services on their behalf and now they can legally do that,” Brooks said.
- Brooks also said the move by banks to offer crypto will increase the comfort level of retail investors with the asset and lead to further gains, saying, "I think the demand increase is going to be noticeable.”
Read also: PayPal Said to Be in Talks to Buy Crypto Firms Including BitGo: Bloomberg
Kevin Reynolds
Kevin Reynolds was the editor-in-chief at CoinDesk. Prior to joining the company in mid-2020, Reynolds spent 23 years at Bloomberg, where he won two CEO awards for moving the needle for the entire company and established himself as one of the world's leading experts in real-time financial news. In addition to having done almost every job in the newsroom, Reynolds built, scaled and ran products for every asset class, including First Word, a 250-person global news/analysis service for professional clients, as well as Bloomberg's Speed Desk and the training program that all Bloomberg News hires worldwide are required to take. He also turned around several other operations, including the company's flash headlines desk and was instrumental in the turnaround of Bloomberg's BGOV unit. He shares a patent for a content management system he helped design, is a Certified Scrum Master, and a veteran of the U.S. Marine Corps. He owns bitcoin, ether, polygon and solana.
