Standard Chartered, Deutsche Bank Plan Crypto US Comeback

International traditional banks Standard Chartered and Deutsche Bank have plans to get back into the digital assets industry. According to reports, both banks are ramping up their US bitcoin activities to increase their footprint within the developing market.

The renewed interest from traditional finance institutions comes about the US government doubling efforts to develop a crypto-friendly environment. Such developments in regulation of digital assets have spurned market optimism along with the creation of a digital asset reserve.

Both Banks are Making Moves on Digital Assets

Standard Chartered have reportedly been focusing on improving their infrastructure to accommodate crypto transactions. The bank is planning to launch a digital collateral program with OKX and Franklin Templeton. Moreover, they are also entering the stablecoin market with a Hong Kong dollar-backed project.

Standard Chartered have also invested in several cryptocurrency ventures, including Zodia Custody and Zodia Markets. Both of which offer crypto trading and custody services tailored for institutional clients.

Meanwhile, Deutsche Bank has partnered with Bison to protect euro holdings and is broadening its global crypto offerings. This includes forming a strategic partnership with Crypto.com in Asia to tap into the crypto market in this region. Additionally, the bank intends to grow its presence in the UK and across Europe to bolster their digital asset services.

Crypto Firms Look Into Banking Charters

Conversely, cryptocurrency companies are increasingly venturing into the traditional financial sector, creating a deep integration between the two spaces. According to well-placed sources, digital asset firms such as Circle—currently pursuing an IPO—and BitGo are preparing to seek banking charters. Coinbase and Paxos are reportedly aiming for the same.

To date, Anchorage Digital is still the sole crypto company in the U.S. holding a federal bank charter. Moreover, Anchorage Digital has invested tens of millions to comply with regulatory standards. Despite this, the firm is currently facing scrutiny from the U.S. Department of Homeland Security.

What Does Standard Chartered and Deutsche Bank’s Moves Mean for Crypto Casinos?

The emergence of traditional banks looking to get into the digital assets economy can have some ramifications for crypto casinos. Banking giants like Standard Chartered and Deutsche Bank can become viable banking options for players’ crypto assets down the line.

Having more regulated banking options available like Standard Chartered can safeguard players’ winnings which is always a good thing to have. For operators, it opens possible partnership opportunities with established banking institutions to add more security measures and accessibility for clients.

That said, all eyes will be on the developing US crypto market, and the regulatory progress per state.