The US banks can offer crypto custody services
As per the report, the Office of the Comptroller of the Currency (OCC) is permitting the banks to hold digital assets for their clients.
The Senior Deputy Comptroller and Senior Counsel Jonathan mentioned in the letter that any bank can hold cryptographic keys for a cryptocurrency wallet. This means that the clients of banks can keep their digital assets with banks.
“The OCC recognizes that, as the financial markets become increasingly technological, there will likely be increasing need for the banks and other service providers to leverage new technology and innovative ways to provide traditional services on behalf of customers,” the letter said.
With that, the banks are now allowed to provide both guardian and non-guardian custodian services.
XRP Army Calculates Available XRP Tokens for 328 Mln Americans
Following the recent move by US regulators, the crypto space, mainly XRP community is on the moon. Accordingly, XRP army speculates that more than half of the total XRP supply is not circulated yet.
Unlike Bitcoin which has 21 million maximum supply, Ripple’s native token, XRP has a supply of 100 million pre-mined XRP tokens. Out of 100Mln tokens, only 38 million have been circulated so far. On the other side, remaining tokens are kept in the XRP Labs that release XRP tokens periodically.
That being said, XRP army speculates that if the XRP token is now widely accessible for the common people, then each citizen of America can own nearly 300 XRP coins as US banks can directly hold user’s crypto assets on behalf of the customers.
On the other hand, it needs to be considered that the US banks may offer the service to non-Americans too. More so, not all the citizens of the country are holding a bank account.
Also Read – This Altcoin Becoming Bullish Crypto Asset
XRP Remains Stagnant, but a Major Bull Run Expected
The fourth-largest cryptocurrency in the market is currently witnessing a downtrend. At the press time, XRP is trading below $0.20 from the past several days but today managed to surpass a little.
Ripple is trying very hard to pump up its native token XRP with many developments and collaborations. By collaborating with Santander’s payment solutions and One Pay FX, Ripple plans to expand ripple payment services to six countries.
Currently, XRP is on a bearish run but is expected to have a major bull run in the coming days.
You may also find this interesting – Ripple says India Remains in a ‘Gray Zone’ Over Crypto, Not Solving ‘Decade-Old Problems’
Collectively the recent move by US regulators has provided a positive sign with the crypto regulations in the country. People who want to own cryptos might no longer depend on the exchanges as banks can offer the same services. In a nutshell, the benefits of crypto adoption have enlightened many regulators and hence the crypto space may expect good days coming in the future.