More and more traditional banks have started announcing support for digital assets as the price of Bitcoin (BTC) continues to make headlines for record-breaking all-time highs. Even major banks like JPMorgan Chase (NYSE:JPM), which previously frowned upon Bitcoin, have taken a newfound interest in the cryptocurrency. Contrary to what Goldman Sachs (NYSE:GS) stated recently, JPMorgan’s strategists have noted that “the price of gold would suffer from a structural flow headwind over the coming years” due to Bitcoin’s growth.
While JPMorgan Chase is clearly taking a softer stance on Bitcoin, some leading banks are going a step further by offering clients custody services for digital assets. For example, FV Bank, a Puerto Rico-based digital bank, announced on Dec. 21 that it received permission from the Puerto Rico Office of the Commissioner of Financial Institutions to provide custody services for all major cryptocurrencies, including Bitcoin and Ether (ETH), along with support for ERC-20 tokens.