Major Banks Embrace Crypto: Goldman Sachs Leads the Charge
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In this exhilarating episode of The Modern Investor, we delve into the riveting world of finance where Goldman Sachs, the heavyweight champion of investment banks, finally steps into the ring with cryptocurrencies and blockchain technologies. Contrary to what many believe, this isn't a new dance for them; they've been twirling in this crypto ballroom since way back in 2014. It's like finding out your granddad can breakdance – surprising, but he's been busting moves for years. And it's not just Goldman Sachs; Fidelity, Black Rock, Vanguard, and State Street have been throwing punches in the crypto arena long before it became the latest trend.
But hold on to your hats, folks, because the Office of the Comptroller of the Currency (OCC) has just blown the lid off the crypto cookie jar. Federally regulated banks can now dip their toes into the crypto waters without needing a permission slip. It's like telling a kid they can have dessert before dinner – a game-changer in the traditional banking world. The OCC's about-turn on crypto custody and stable coins is like watching a car go from 0 to 60 in seconds – a thrilling ride into the future of finance.
And if that's not enough to get your adrenaline pumping, buckle up for the news that banks can now run nodes. It's like giving them the keys to the crypto kingdom, allowing them to validate transactions and be part of the crypto backbone. Imagine your local bank becoming a crypto powerhouse overnight – it's a seismic shift in the financial landscape. The channel's message is clear: the big players are here, they've been here, and they're not just dipping a toe – they're diving headfirst into the crypto pool. So, grab your popcorn, sit back, and watch as the financial world transforms before our very eyes.
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