For Institutional investment managers US Bank to Offer Bitcoin Custody Services
The country’s Fifth-Largest Bank, U.S. Bank, has introduced custody for Bitcoin Cash, Litecoin, & Bitcoin in partnership with NYDIG on October 6, 2021.
The bank is also planning to add support for other coins such as Ethereum in the future. U.S. Bank today announces that it has launched Bitcoin custodial services. Private funds holding Institutional investment managers in the U.S. or the Cayman Islands can now delve into the bank’s service to store their private keys.
The bank is working with the New York Digital Investment Group (NYDIG), the financial services and technology firms, to launch its first sub-custodian for the service.
U.S. Bank had previously signed to administer NYDIG’s planned Bitcoin ETF or exchange-traded fund but is still awaiting approval from the SEC or the United States Securities and Exchange Commission.
In April, U.S. Bank first announced its plans to take cryptocurrency assets custody. They also wrote at that time, details regarding the same would be released within a matter of weeks. Earlier this year, the bank has also invested in the blockchain infrastructure technology firm.
The Vice-Chair of Wealth Management and Investment Services, Gunjan Kedia, told in a release.
“Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years. Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency, and, in response, we made it a priority to accelerate our ability to offer custody services.”
CBW - External Analyst