BREAKDOWN: Second-Largest US Bank Says Crypto Is Too Big to Ignore
CoinDesk Podcast Network
CoinDesk
4.8 • 689 Ratings
🗓️ 8 October 2021
⏱️ 15 minutes
🧾️ Download transcript
Summary
Bank of America released a new research report that says digital assets are still in the first inning.
This episode is sponsored by NYDIG.
On today’s episode, NLW covers some of the topics he’s missed throughout the week, including:
- A new report from Bank of America that calls digital assets “too big to ignore”
- US Bank custodying crypto via NYDIG
- An underperforming jobs report
- Bitcoin futures ETF speculation hits fever pitch
- Chainalysis report on global adoption
- BitGo sees growing corporate interest
- The Federal Reserve says it's going to start researching a CBDC
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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.
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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Only in Time” by Abloom. Image credit: Andriy Onufriyenko/Moment/Getty Images, modified by CoinDesk.
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Transcript
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| 0:00.0 | Welcome back to The Breakdown with me, NLW. |
| 0:09.1 | It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world. |
| 0:16.2 | The breakdown is sponsored by Nidig and produced and distributed by CoinDes. |
| 0:22.6 | What's going on, guys? It is Friday, October 8th, and today we are doing a bit of a |
| 0:28.5 | grab bag, extended brief type episode. This week has been so chock full of things happening |
| 0:35.1 | that I haven't had a chance to talk through a number of different |
| 0:38.4 | stories that are all reasonably important on their own terms. So let's dive in to the show. |
| 0:45.2 | First up, let's talk about US Bank. US Bank is the fifth largest bank in the US, and they have made |
| 0:52.9 | a major move into the crypto sector. |
| 0:55.9 | They have just announced that they're launching custody for crypto assets. |
| 0:59.8 | Now, it is sort of a random set of digital assets that suggest that maybe their clients |
| 1:05.0 | have been holding for a while and need different terms, so they're going to be custodying |
| 1:09.0 | Bitcoin, which makes sense. They're also |
| 1:10.8 | going to be custodying light coin and Bitcoin cash, which don't strike me as necessarily the highest |
| 1:15.5 | in-demand assets right now. They also say that Ethereum is in the works. It's an offering for |
| 1:20.7 | private fund managers in the U.S. in the Cayman Islands, so not just a retail offering or anything |
| 1:25.5 | like that. And it's being supported and |
| 1:27.8 | enabled by, big surprise, this show's sponsor, Nidig, who are quietly enabling Bitcoin |
| 1:33.1 | and crypto infrastructure for it seems like half of the financial institutions in this country now. |
| 1:37.9 | So why this matters? Well, it's one thing for these very big traditional banks to give |
| 1:42.6 | lip service to the importance of this industry, |
| 1:45.1 | it's another thing entirely for them to actually build the infrastructure to offer products |
... |
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