Cryptocurrencies boomed with money-making deals since the start of the COVID-19 pandemic.
The market attracted enthusiasts from different walks of life. Texas has now jumped on the crypto craze.
Celebrities and citizens from different regions ventured into crypto after CNBC reported the crypto market value as $2 trillion in April. For instance, rapper Meek Mill invested around $50K on DOGE in the early months of 2021.
Now, Texas banks can offer cryptocurrency banking services.
On Thursday, the Texas Banking Department stated that state-chartered financial institutions could provide safekeeping or custody services for crypto coins.
The banking department official Marcus Adams declared Texas made a vital move, venturing into the crypto market. Adam said that Texas witnesses the surging crypto industry and tries to ensure regulated banks remain competitive in the financial space.
Texas banks allow crypto enthusiasts to interact with virtual coins like BTC, ETH, and LTC. The bank will secure the crypto keys like they do when handling vital documents. Moreover, customers might transfer their digital coins to a different state-chartered bank.
The Texas Department of Banks declaration comes before the signing of the forthcoming ‘virtual currency bill’ by Abbott to legalize virtual currencies. As a result, Texas will be the next state to recognize cryptocurrency and blockchain after Wyoming.
Abbott seems enthusiastic about virtual coins, as he supports the bill with multiple tweets.
Last week, Abbott posted that he signed a ruling for the state to form strategies to expand the blockchain market in Texas.
Abbott admitted that the Blockchain industry would boom with the potential to produce substantial returns.
Though any interested bank can make crypto moves, most financial institutions might decline the offer after a risk management assessment.
Although cryptocurrencies have been in the financial markets for a long, it is only now that countries notice them as powerful financial tools. Virtual coins can promote economic and social growth globally, offering financial and capital services to developing countries. Cryptocurrencies improve the financial status of poorly banked nations.
However, keep in mind that the crypto market crashed today as most top virtual coins trade in the red area.
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