US Bank launches cryptocurrency custody service amid strong demand from institutional customers – Featured Bitcoin News

US Bank has launched its cryptocurrency custody service. “Investors’ interest in cryptocurrencies and the demand for our fund services customers have grown strongly over the past few years,” the bank said.

US Bank’s Crypto Custody Service is now live

US Bank announced Tuesday that its cryptocurrency custody service is now live and its global fund service is available to clients.

US Bankorp, with approximately 1,000,000 employees and assets of 9 559 billion as of June 550, is the parent company of US Bank, the fifth largest bank in the country. The Minneapolis-based company serves millions of customers locally, nationally and worldwide. Under the custody and administration of US Bank Wealth Management and Investment Services.6. tr has more than trillion dollars in assets and June 222 billion in assets under global management as of June0.

Details of the announcement:

These services are for institutional investment managers with private funds in the United States or the Cayman Islands who want a security solution for Bitcoin – additional currency support is coming soon.

“NYDIG, a leading technology and financial services company dedicated to Bitcoin, is the first crypto sub-custodian to be announced in the bank’s network of providers.” New York Digital Investment Group (NYDIG) is the bitcoin investment arm of Stone Ridge Asset Management.

Gunjan Kedia, vice chairman of US Bank Wealth Management and Investment Services, commented:

Investor interest in cryptocurrencies and the demand for our fund service clients have grown exponentially over the past few years. Our funds and institutional custody customers have accelerated their plans to provide cryptocurrency and in response we have made it a priority to accelerate our ability to provide custody services.

US Bank first established its blockchain and cryptocurrency practice in 2015, when Bitcoin was priced at less than 200. At the time of writing, BTC costs around হাজার 50,000.

To meet the “growing demand of clients”, the bank announced the launch of three cryptocurrency offers in April. The first was the custody service which is now live. The second was investing in securities, developers of institutional-grade blockchain-based financial and regulatory technologies. The third was that US Bank was selected to manage NYDIG’s ETF Bitcoin Fund this year, pending regulatory approval.

What do you think about US Bank launching crypto custody service? Let us know in the comments section below.

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