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You ve got the power? Legacy banks aim high with new crypto offerings

Analysis Lost or misplaced private keys, after all, are a bane of the crypto world — just recall the Welshman who lost 7,500 Bitcoin (BTC), worth about $400 million today, when he landfilled his PC’s hard drive, forgetting it was the sole repository of his private key. Meanwhile, traditional banks are society’s safekeepers par excellence , so maybe they can improve the crypto user experience with regard to private keys at the very least. But if major financial institutions are indeed getting involved with cryptocurrencies — and not just in the custody area, as investment bank Morgan Stanley signaled on Feb. 13 a future investment in Bitcoin — why now? Is it just the soaring price of Bitcoin? Or has the evolving blockchain/cryptocurrency industry reached a new level where it’s acceptable even to habitually cautious depository institutions?

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