The office of the Comptroller of the currency (OCC) within the us Treasury Department has allowed national banks to store cryptographic keys from cryptocurrency wallets. This was stated in an open letter by the Deputy head of the OCC, Jonathan Gould.
The letter says that banks can provide more secure custody solutions than existing offers on the market. According to the document, banks are allowed to provide both fiduciary and non-fiduciary custodial services. The permit also applies to Federal savings associations.
Former Coinbase Executive and current OCC chief Executive Brian Brooks added that banks must meet the needs of consumers. According to him, tens of millions of Americans consider cryptocurrencies valuable assets.
The document also contains the phrase:
"Cryptocurrency custodial services can go beyond passive key storage."
The head of Digital Currency Group (DCG), Barry Silbert, has already written on Twitter that he expects increased attention to his company from banks. In may, DCG acquired London-based custodian Vo1t.
Many industry participants have already praised the OCC's decision.