Brane Inc., a digital asset custodian based in Canada, announced on Thursday its plans to expand into the U.S. The company reported that the U.S. Office of the Comptroller of the Currency (OCC) revealed that federally chartered banks and thrifts in the U.S. may provide cryptocurrency custody services to customers. Brane noted it is ideally positioned to work begin work with banks to provide crypto-custodian solutions as a white-labeled partner.
“Until now, traditional financial services institutions in the U.S. have been unable to hold crypto-assets for their clients, despite the growing demand for this service. Without recognized guidelines from regulators, banks and savings associations were reluctant to enter the field. This announcement removes this uncertainty and clears the way for national banks to hold these assets as a custodian.”
Speaking about the OCC’s announcement, T. Paul Rowland, Brane’s CFO and Corporate Secretary, stated:
“This announcement by the OCC provides validation of both the sector as a whole and Brane’s business plan. Now more than ever, the future is digital, and Brane is perfectly placed to participate fully in this ‘brave new world.’ Brane is open for business to the US.”
Founded in 2017, Brane claims that it offers advanced proprietary technology and processes with more than 20 provisional patents, supports all digital assets, and is fully insured against theft and crime.