"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."
RT @marcvanderchijs: I would not trust a bank with my crypto, but this is a huge step for the adoption of Bitcoin and other crypto assets. Having both USD and BTC bank accounts will be a game changer. https://t.co/GDXdKTRs9T
RT @RyanRadloff: The first few banks that move on this 👇will be extremely well positioned & drive massive shareholder value. Watch for mid-market public listed banks with compressed YoY sales growth & anemic loan growth forecast to make some moves 👀👂😉
https://t.co/BB6GaRImQD via @coindesk
Every bank should do mandatory monetary diversity training for its employees using a curriculum based on the Bitcoin Standard by @saifedean.
If they don't want to be left behind. https://t.co/QzITFLu4vH
This is bullish for Bitcoin AND self-custody.
With "real banks" holding bitcoin for their customers, the average person will view bitcoin more like money, and
The differentiation of being your own bank becomes even more clear. https://t.co/PEmE1tAN7f
This is fucking naive beyond belief.
Foreign banks also have no need to hold USD... but a hell of a lot of them do: currency hedging/arbitrage and liquidity purposes.
They have no need to hold gold... but a hell of a lot of them do: store of value.
Grow the fuck up man-child !
What many don't understand is, for banks to even be market makers, they need a custody solution first. Holding a crypto asset is the first thing you have to do to be a market maker.
And having a sound custody solution is one of the pillars that makes a regulator happy. You don't want hacks all over the news every single day when you give crypto the green light for banks to hold.
The OCC has cleared the first hurdle for them.
Or banks themselves to partner with them which would be the most speediest and effective way (cost?) to get a head start in this crypto mad rush.
Accenture did say many years ago that this whole thing would go **viral** :o)
Yeah no shit it's what most of the central banks will also do. But that doesn't mean there won't be market makers who will want to hold xrp. Guess what there will be banks that want to make markets. Same as correspondant banks that hold foreign reserves to effect remittances. Liquidity is going to come from market makers
I'll believe it when I see it, isn't that what all the SBI Japan hype was all about? Still haven't seen that partnership turn into anything remotely relevant to XRP's price and that's one of their biggest partnerships.
The entire point of investing is to get your money in BEFORE something is obvious to the masses, or before something that will cause an asset to appreciate happens.
People obviously know XRP isn't being used for the most part. You aren't telling anyone anything they don't already know.
People have XRP because they know banks want to save money and customers want their money now, not in a week, and not 85% of it, they want as close to 100% of their money as they can get. If you think many FIs including banks would not like to put trillions of dormant capital to use to make them a fucking shitload more money, then you're a fucking idiot.
What trolls type in public forums doesn't mean anything. What matters is the reality :o)
>"**We believe that digital currencies have the potential to extend the value of digital payments to a greater number of people and places**. As such, we want to help shape and support the role they play in the future of money. We look forward to sharing more with you on this work in the months that follow."
The OCC also recognizes that, as the financial markets are increasingly digitized, the need will increase for banks and other service providers to leverage new technology and innovative ways to serve their customers' needs. By doing so, banks can continue to fulfill the financial intermediation function they have historically played in providing payment, lending, and deposit services.
Well this is a nice victory. What bank is going to continue calling bitcoin a fraud or a scam while taking ownership of it? However if you have any type of debt, don't leave your bitcoin with someone who can confiscate it.