Citigroup, the Bank Of America, and Wells Fargo have disclosed plans in their policies to offer cryptocurrency-related services. The three financial institutions are currently in different development levels as they seek to finalise plans. The Wall Street institutions have unveiled their plans to the Senate Banking Committee led by Senator Sherrod Brown last week.
Brian Moynihan, CEO of Bank of America, has disclosed that the Bank has not yet found the uses for some cryptocurrencies. He noted that there was still understudying the utilities and risks of digital assets. The bank is reported to be holding 60 blockchain-based patents but does not lend against cryptocurrencies or banks with institutions that depend on them. Their analyst views cryptocurrencies as “sheer price appreciation”.
Citigroup has quite an optimistic outlook on cryptocurrencies. They are reported to be considering BTC as a preferred currency to facilitate international trade. However CEO Jane Fraser has mentioned that the firm is employing a measured approach to digital assets. They have sought to put in mind the changes in the blockchain innovation, client’s demands and regulatory policies.
On the other hand, Wells Fargo through its President Darrell Cronk has indicated that the Bank is in its final stages to feature an actively managed cryptocurrency investment strategy to its platform. The company’s CEO Charles Scharf has disclosed the plans to develop a blockchain project that would enable internal book transfers and cross-border payments.
Starling Bank Suspends Payments to Crypto Exchanges
The Daily Telegraph has reported that Starling Bank based in the UK and backed by Goldman Sachs has announced suspension of payments to cryptocurrency exchanges.
The primary reason for this according to the digital bank is in relation to the increasing number of crypto-related crimes. However, a spokesperson has stated that the measure is only temporal.
The CEO of Starling, Anne Boden, had mentioned that the Bank isn’t in a hurry to inject cryptocurrency features. According to her, the firm isn’t receiving high demands for cryptocurrencies. Starling Bank, which received over $69 million from Goldman Sachs, is aiming for its Initial public offering.