Tech Barrier Would Slow Down The Approach Of Banks To Crypto-Deposit Services
Safety and security are the foundations for making things work. If you do not get that right, the entire system could crash. Banks may have been provided with the green light to provide their customers with cryptocurrency custody services following a letter issued by the Currency Management Office (USA) last month, but this does not mean these organisations can hurry to provide the services soon. "It’s going to be a hurdle for many banks — the technology integration of the traditional manner of managing money with this new manner of doing digital custody," said Scott Carlson, head of digital asset security at Kudelski Security. The letter from the OCC states that banks are permitted to provide cryptocurrency custody services as well as keep unique cryptographic "keys" linked with cryptocurrency on behalf of clients. Banks will continue to address the needs of their customers to protect their most precious assets which today include cryptocurrency for tens of millio...