Banks Greenlighted for Crypto Services, $BEST Token Rises 8%

Banks have been given the green light to offer crypto services, thanks to Interpretive Letter 1183 (IL 1183) issued by the Office of the Comptroller of the Currency (OCC). This decision revives a 2020 regulatory letter that the Biden administration had chosen to ignore and provides banks with some long-awaited clarity for crypto-related activities.

Banks can now offer crypto services such as custody, trading, and settlement, provided they meet safety and compliance standards. This move could reduce reliance on offshore exchanges and help prevent collapses like FTX and Celsius. However, banks still cannot own cryptocurrencies like Bitcoin due to restrictions from the OCC, Federal Reserve, and FDIC.

This shift could bring new investors to crypto, as a study found that 85% of crypto owners would be interested in buying crypto through their bank – and almost 40% of them would switch banks to ones offering crypto services. However, half of crypto owners are under the age of 35, making it crucial for banks to appeal to younger customers while maintaining trust with older, more conservative investors.

With banks now being able to offer crypto in a regulated, secure environment, we could see crypto adoption accelerate. Traditional banking oversight provides a safer alternative to offshore exchanges, enhancing consumer protection. Institutional involvement may also rise, further strengthening the legitimacy of digital assets.

Best Wallet Token ($BEST) is launching a crypto debit card – Best Card – that’s fully compatible with Google Pay and Apple Pay, making crypto transactions as easy as swiping your phone. $BEST token holders can enjoy up to 8% cashback on their card purchases, as well as low to no transaction fees. Best Wallet Token soon hopes to support over 60+ blockchains, so you can be sure that Best Wallet will support your favorite crypto coin.

Meme Index ($MEMEX) offers token holders four different meme coin investment funds with varying rates of return. Each index is designed to spread risk across eight different meme coins. By diversifying your holdings, you mitigate risk, so if one of the coins fails, your investment in the others remains unaffected. $MEMEX has consistently offered its presale buyers a fantastic staking APY, which right now stands at 574%.

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