Takeaways:
- Erebor Bank is conditionally approved for a national charter by the OCC
- Within 10-16 months, Erebor Bank may be fully operational
- The OCC seems to be changing its mind on the risks of crypto
- Best Wallet is well-set to capitalize on a growing retail crypto market
Thiel-backed Erebor Bank has gained conditional approval from the OCC to operate as a bank offering crypto-based services, potentially making it the second crypto bank, after Anchorage Digital, to be chartered by the OCC.
Erebor Bank, a cryptobank backed by Peter Thiel, Palmer Luckey, and Joe Lonsdale, has just received conditional approval for a national charter from the US Office of the Comptroller of the Currency (OCC).
Should Erebor pass the probationary period, it will become the second crypto bank to receive an OCC charter, alongside Anchorage Digital.
As a result, Erebor will be able to offer regulated financial services by providing fiduciary services to its customers.
While the conditional approval allows Erebor to raise capital, it still has a long way to go before the doors open for business. The terms of the OCC’s full approval require the bank to maintain a 12% Tier 1 Leverage ratio and undergo a final inspection by the OCC after the bank’s organizational structure is finalized.
Once Erebor begins operation, it will provide both traditional and crypto-based financial services to a customer base primarily consisting of technology companies and ultra-high-net-worth individuals who use crypto.
The move to license Erebor could indicate a shift towards a more crypto-friendly approach from the OCC.
That would sharply contrast with current policy, as a joint statement the OCC filed in 2023 with the Federal Reserve and the Federal Deposit Insurance Corporation reaffirmed the risks posed by crypto assets to the banking industry. Filling the void left by FTX’s bankruptcy is crucial for the US crypto market to continue growing.
However, providing access to crypto for retail customers is just as crucial as corporate crypto services, which is why we’re taking a look at Best Wallet – a mobile-first crypto wallet for the everyday investor, as well as the $BEST token, which powers it.
Best Wallet – Trade Altcoins With a Mobile-First Wallet
Best Wallet is a digital crypto wallet that’s designed to be easy to use, even if you have no previous experience with crypto.
The growth of the crypto market is drawing more financial providers to offer crypto-based services, but making crypto accessible to the masses is as much a technological challenge as it is a financial policy issue.
Decentralization is a double-edged sword for crypto – while the many different blockchains and tokens to choose from encourage competition, it can be hard to manage when you’re trying to evaluate your crypto portfolio.
That’s where Best Wallet makes the difference. It’s a multi-chain wallet that supports major blockchains such as:
- Bitcoin
- Solana
- Ethereum
- Base
- BNB Chain
- Polygon
Best Wallet has plans to support up to 60 different blockchains. Each one will be managed from a single interface inside the Best Wallet app, so you won’t need to juggle between different digital wallets.
You can download the Best Wallet app today from the official Best Wallet website. Besides allowing you to manage your entire crypto portfolio, Best Wallet also enables you to purchase new crypto directly from vetted presales through an integrated crypto marketplace within the app.
Any coin you select through the Best Wallet app can be purchased with crypto or fiat using a credit card. Your assets are protected with Best Wallet – Fireblocks MPC-CMP manages encryption seamlessly, so you don’t need to worry about a seed phrase.
That means even if your device goes missing, you’ll still be able to access your digital assets as long as you’ve stored an encrypted backup of your wallet. Then, you can access it via the cloud on a new device with Best Wallet and return to trading quickly.
Visit the Best Wallet website to learn more.
Best Wallet Token ($BEST) – Providing Utility and Value to Best Wallet
Best Wallet gets even better with the $BEST token. Holding it reduces the transaction fees you pay when trading crypto, helping you get the most value out of using the Best Wallet app. You’ll also gain more opportunities to access new presale tokens through exclusive early access for $BEST holders.
These tokens can then be staked in the upcoming Best Wallet staking aggregator, where $BEST holders receive the highest APY on their returns. Even if Best Wallet doesn’t support your preferred blockchain yet, you can vote for one on the Best Wallet DAO if you hold $BEST.
The $BEST token is expected to perform well because it provides a variety of benefits to Best Wallet users. Although it’s not live yet, you can explore the Best Wallet app today and familiarize yourself with how it operates before the $BEST presale ends.
Currently, the $BEST presale has raised over $16M in token sales. You can still buy $BEST at a low price of $0.025795, but this rate won’t last forever – it’s a dynamic presale, so the longer you wait, the more expensive $BEST will become. If you purchase today, you can stake your $BEST tokens for up to 80% annual returns rewards.
Buy $BEST today for the most value on Best Wallet.
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Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/erebore-to-become-second-us-crypto-bank-pushes-best-token/