Binance US CEO Catherine Coley said during her recent appearance in a podcast that banks holding digital assets provide validity to the industry.
People will be more comfortable with crypto
Coley was speaking during The Decrypt Daily podcast. She said that the US federal regulator’s guidance on crypto custody could help many more people comfortable with digital assets. This could help in the wider adoption of digital assets. Talking to Matthew Aaron said that it is one of the most substantial news in the crypto space in recent times.
“It’s an advancement where the current traditional banking systems are validating digital assets, recognizing that they will hold them just as they have held all of your other traditional assets. And this was a huge hurdle for people to feel comfortable with digital assets.”
Wednesday’s letter gives guidance
The US Office of the Comptroller of the Currency (OCC), which works as an independent bureau within the US Treasury, recently issued a public letter. The Wednesday latter the long-standing guidance on holding digital assets. It gave banks more confidence in offering more crypto-related services. Coley and several other crypto industry executives see the guidance as a positive sign. Cryptocurrencies are designed to function without needing any intermediary like a bank.
Coley said that it is about the different methods by which the digital assets could be included in the everyday lives of the people. It is good to hold the currencies- whether at the bank or by people themselves. She also said that Binance.US, it could act as a good lead for adoption in the mainstream. More people will be comfortable with cryptocurrencies once banks start holding them.
Coley also said that the firm’s mission is to promote crypto acceptance in the US. She also talked at length about the recent hack on Twitter which induced people to send cryptocurrencies to the hacker’s wallet. Twitter was able to gain access to the accounts back.