THELOGICALINDIAN - Bank of America Citigroup and Wells Fargo accept aggregate their behavior apropos cryptocurrency afore the US Senate cyberbanking board The three banks are in altered stages of alms crypto casework to their audience They additionally lag abaft some of their aeon such as Morgan Stanley and Goldman Sachs in alms admission to investments with acknowledgment to bitcoin or added cryptocurrencies
Bank of America Evaluating Crypto Opportunities
The CEOs of Bank of America, Citigroup, and Wells Fargo gave their testimonies on cryptocurrency afore the Senate cyberbanking board aftermost week. The committee, headed by Senator Sherrod Brown, summoned the advance bankers for its anniversary blank audition on Wall Street firms.
Bank of America CEO Brian Moynihan said that BofA was befitting ambit from bitcoin and added cryptocurrencies as the coffer connected “to appraise the opportunities, risks and applicant appeal for articles and casework accompanying to cryptocurrency.” Noting that his coffer holds added than 60 blockchain-related patents, he emphasized, “We still accept not begin a use case at scale.” The Coffer of America controlling confirmed:
Bank of America’s analyst said in January that bitcoin was the “mother of all bubbles.” Nonetheless, the bank’s best contempo armamentarium administrator analysis saw “long bitcoin” as the best awash trade. In March, the coffer says the alone acceptable acumen for captivation bitcoin was “sheer amount appreciation.”
Senator Brown is agnostic of cryptocurrencies. He afresh sent a letter to the new Acting Comptroller of the Currency, Michael Hsu, advancement him to analysis the cryptocurrency adjustment beneath the ambit of the Office of the Comptroller of the Currency (OCC).
Citigroup Taking Measured Approach to Crypto
Citigroup CEO Jane Fraser talked about her aggregation demography a “measured approach” to cryptocurrency as the coffer approved “to accept changes in the agenda asset amplitude and the use of broadcast balance technology, including appeal and absorption by our clients, authoritative developments and technology advancements.” The Citi controlling noted:
Citigroup is reportedly planning to barrage crypto services as the close sees a “very rapid” accession of absorption in bitcoin. In March, Citigroup says bitcoin was at a tipping point and could become the adopted bill for all-embracing trade.
Wells Fargo Closely Watching Crypto Space
Wells Fargo CEO Charles Scharf said that his aggregation was abutting to announcement a pilot activity application blockchain technology “to complete centralized book transfers of cross-border payments aural our all-around annex network.” However, in agreement of cryptocurrency, he said:
Darrell Cronk, the admiral of Wells Fargo Advance Institute, said aftermost anniversary that his close is in the final stages of abacus an actively managed cryptocurrency advance action to its platform. “We anticipate the cryptocurrency amplitude has aloof affectionate of hit an change and maturation of its development that allows it now to be a applicable investable asset,” the controlling opined.
When do you anticipate these three banks will accept cryptocurrency? Let us apperceive in the comments area below.
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