More Than 130 United States Banks Are Currently Actively Engaged In Cryptocurrency
Several American banks covered by the Federal Deposit Insurance Corporation (FDIC) are progressively looking into the cryptocurrency market in an effort to meet the growing consumer demand for new services.
According to information by the FDIC in this regard, as of January 2023, around 136 banks were either preparing to engage in or had already engaged in a number of crypto-related activities, according to a report by the Office of Inspector General.
A significant number of US banks insured by the Federal Deposit Insurance Corporation (FDIC) are increasingly exploring the crypto space in order to provide different services in response to consumer demand.
In this regard, FDIC data revealed that as of January 2023, approximately 136 banks were planning or were already involved in various crypto-related initiatives, according to a report published on February 16 by the Office of Inspector General (OIG).
Due to a lack of clear regulations, the report stated that banking sector players are mostly collaborating with third-party entities to investigate the digital currency space.
“According to FDIC data, as of January 2023, the FDIC was aware that 136 insured banks had ongoing or planned crypto asset-related activities. For example, these banks have arrangements with third parties tha allow bank customers to buy and sell crypto assets. Banks also provide account deposit services, custody services, and lending to crypto asset exchanges.” the OIG said.