As Bitcoin and altcoins recover from a long period of weakness, banking giants are also preparing to bring new excitement to the sector.
A consortium including global banks such as Deutsche Bank and Standard Chartered is working on plans to expand its crypto operations in the United States, the Wall Street Journal reported.
A consortium of banks, including Germany’s Deutsche Bank and Britain’s Standard Chartered, are considering expanding their cryptocurrency operations to the United States, according to the WSJ, citing an unnamed source familiar with the matter.
Accordingly, the financial world, which distanced itself from the sector after the FTX collapse and the bankruptcy of cryptocurrency-friendly banks, is repositioning itself with Donald Trump’s moderate approach. The new administration aims to integrate crypto into mainstream finance.
Trump’s moderate approach has led to action not only among banks but also among companies.
According to the WSJ report, major cryptocurrency companies such as Circle, BitGo, Coinbase and Paxos are also preparing to obtain a bank license.
Major banks such as Bank of America and US Bancorp are taking steps towards stablecoin and crypto custody services.
It comes as giant banks and companies like Coinbase aim to integrate crypto into mainstream finance under the new administration and as Trump promises to make the US a Bitcoin superpower.
*This is not investment advice.
Continue Reading: New Cryptocurrency Move From Two Giant Banks! “They’re Coming to the US!”
