The interest now extends beyond affluent customers to include the broader public. Banks are considered more reliable than
cryptocurrency exchanges and can offer additional banking services.
Even so, the variety of available cryptocurrency products is still narrow. Typically, banks provide only trading and custody services for major cryptocurrencies like Bitcoin and Ethereum. Direct transfers of these currencies or 'staking' services are generally unavailable from retail banks. Following the research, developing a crypto service is costly, and the technological challenges are significant. Institutions often opt to use third-party providers as it is faster than establishing internal procedures, Buschor explains.