U.S. Banks Eye Crypto Custody Amid Trump’s Pro-Crypto Shift
The U.S. cryptocurrency stage has flourished with the return of President Donald Trump as his pro-Claterto stance and clear regulations sparked Wall Street excitement.
In a recent update, crypto journalist Yueqi Yang shared insights on the involvement of Bank of America in the crypto services sector. It is worth noting that some large banks have used regulatory changes under President Trump to enter the market, with a focus on cryptocurrency custody.
Citigroup is considering adding cryptocurrency custody services, sources said. The move comes after the bank announced a successful proof-of-concept project, which demonstrates its ability to issue and store tokenized private equity funds on the blockchain network.
Citigroup joins major financial participants
It is worth noting that Citigroup has $2.4 trillion in assets and is joining the digital asset custody space of other major financial institutions.
BNY Mellon is expanding its custody services to Bitcoin and Ethereum ETFs, while Standard Chartered has launched digital asset custody services in Dubai. HSBC is planning institutional-level custody products, and a joint venture between Crédit Agricole and Banco Santander has obtained cryptocurrency approval in France.
Meanwhile, State Street manages $44.3 trillion, working with Taurus to provide institutional investors with crypto-custody and tokenized services.
Information reporter YUEQI pointed out that while Coinbase is providing custody and transaction services with banks, many banks are still awaiting approval from the Federal Reserve and the New York Department of Financial Services, which delays their entry into cryptocurrency transactions. Yang.
More bank eye encryption services
Fed Chairman Jerome Powell said that banks with appropriate risk checks can serve crypto customers. However, many in the industry are concerned about revocations related to new technologies. Recently, Powell promised to work with Congress to end the issue.
At the same time, more and more banks are paying attention to crypto services. In January, Morgan Stanley-backed e-trade suggested crypto services, while Goldman Sachs said it would take into account digital asset operations if regulations were allowed.
