Bitcoin (BTC) has covered a considerable amount of ground over the past few years. Initially considered as an asset mostly used for unlawful activities, it has finally received the approval of the Office of the Comptroller of the Currency. This means banks in the U.S. will now be able to provide crypto custody services to their clients.
This move could further encourage institutional investors to enter the crypto space because they are likely to trust their banks more than the other custody services on offer. However, funds are unlikely to start flowing immediately as institutions are known to tread cautiously.
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