Bitcoin In Banks
Introduction
A new statement in the world of bitcoin has bitcoin entering banks. The OCC, or The US Office of the Comptroller of the Currency, announced that national banks can start to act as crypto custodians. Crypto custodians provide third party storage of cryptocurrency. Allowing banks to keep custody over private keys to these cryptocurrency wallets just adds to the growing convenience of using Bitcoin in today’s world. Traditional investors being able to buy and store bitcoin is a major development.
Future Impact
Although the potential for this is huge, an immediate impact is unlikely. The current crypto custodian market is full of highly specialized companies that use very complex technology to do what they do. Some banks are skeptical of the initial change and many see it as a major stepping stone in banking but the time for it is not here just yet. Banks are not eager to become crypto custodians in the short term. In the long term, this is sure to have major implications on banking and the ease of crypto trade. As Itay Malinger a CEO of Curv, a crypto custodian company said, “Real growth in the space occurs when the traditional financial institutions enter the arena.” This means once banks start holding private keys it will cause major growth in the world of bitcoin.
The possible benefits of this are immense. The accessibility of Bitcoin over the past few months has already been skyrocketing. Once banks transition into being crypto custodians the trade of bitcoin will be instant and everywhere. Bitcoin will be able to be traded on your phone through apps like Paypal, Cash App, Bitcoin. You will be able to go to your local bank and move bitcoin. Also, you can go to your favorite fast food places like Subway or KFC and pay in Bitcoin. If you’re shopping online you can use bitcoin at places like Overstock. We at Block 11 offer a lightning network node that allows more of your favorite stores to instantly accept bitcoin. A revolution is coming and soon and Bitcoin will be everywhere.
