Signature Bank and J.P. Morgan have officially announced they are supporting cryptocurrencies
Two large banks, Signature Bank and J.P. Morgan, have officially announced they are supporting cryptocurrencies and each has implemented a closed-loop solution. A new research report from Researchandmarkets, titled How Banks Can Safely Do Cryptocurrency, evaluates the state of cryptocurrencies and considers multiple solution types based on how they fit the existing regulatory structures and evaluates where each solution will push the boundaries of institutional risk.
The report defines and delineates between virtual currencies, digital currencies, cryptocurrencies, private cryptocurrencies, “stablecoins,” and initial coin offerings (ICOs). It explains the risks associated with different cryptocurrency implementations and provides a graphic that makes it easy to comprehend how cryptocurrencies can be called, on the one hand, as the most secure currency in the world while, on the other hand, the news almost weekly reports new criminal acts in which people’s cryptocurrency has been stolen.
The report also highlights that different approaches can be taken by a bank to deliver a cryptocurrency-based product to its customers while remaining compliant to all existing banking regulations.
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