How US banks jump on the cryptocurrency bandwagon

Roovik / Reuters data

Many US banks already offer cryptocurrency wealth management services

Last week, a key U.S. bank regulator In the states United He warned that the risks would increase when the banks start to take advantage of the popularity Cryptocurrencies To provide related services to customers.

Many major US banks have begun to offer customers Wealth management exposure to cryptocurrencies In 2021, Morgan Stanley was in the lead. CNBC announced in March that Morgan Stanley would allow three accesses Bitcoin For customers with at least US $ 2 million in assets held by the bank.

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Bank of New York Mellon announced in February 2021 that it would be holding, exchanging and issuing bitcoin to asset management clients, one of the first announcements for a major Wall Street bank. The launch event is scheduled for the end of this year.

US Bancorp began operating bitcoin detention services in October. Acts as a Deputy Treasurer of Bitcoin Company NYDIG Bank. The services are aimed at managers of institutional investments with private resources.

State Street said in March it intends to provide cryptocurrency policing services in conjunction with infrastructure site Copper.co, but warned that the offer was subject to regulatory approval.

Like State Street, Wells Fargo began exposing cryptocurrencies to its high net worth customers in the middle of last year.

According to media reports, Citigroup’s wealth management division formed a digital asset group in June to facilitate investments in cryptocurrencies, staple coins, non-fungal tokens and the central bank’s digital currencies.

In March of this year, Goldman Sachs became the first major US bank to conduct cryptocurrency transactions with Galaxy Digital, an asset manager focusing on cryptocurrencies. Digital currencies.

According to CoinDesk, in July 2021, Bank of America, through a partnership with the CME Group, traded the future of Bitcoin to some customers. Bank of America declined to comment, but said in a statement that it was “currently considering strategies related to cryptocurrencies and other digital assets”.

PNC Financial Services is awaiting the approval of regulators to allow its customers to trade in cryptocurrencies.