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US Bank has launched its cryptocurrency custody services. “Investor interest in cryptocurrency and our clients’ demand for fund services have grown significantly over the past few years,” the bank said.
US Bank’s Crypto Custody Now Live
The U.S. bank announced on Tuesday that its cryptocurrency custody services are now live and available to its Global Fund Services customers.
US Bancorp, with nearly 70,000 employees and $ 559 billion in assets as of June 30, is the parent company of US Bank, the country’s fifth largest bank. The Minneapolis-based company serves millions of customers locally, nationally and globally. US Bank Wealth Management and Investment Services had more than $ 8.6 trillion in assets under custody and administration and $ 282 billion in assets under management worldwide as of June 30.
The announcement details:
The services are aimed at institutional investment managers with private funds in the United States or the Cayman Islands who want a custody solution for bitcoin – with additional support for coins coming soon.
“NYDIG, a leading Bitcoin technology and financial services company, is the first crypto sub-custodian announced in the bank’s provider network,” he adds. New York Digital Investment Group (NYDIG) is the bitcoin investment arm of Stone Ridge Asset Management.
Gunjan Kedia, vice president of US Bank Wealth Management and Investment Services, said:
Investor interest in cryptocurrency and our clients’ demand for fund services have increased significantly over the past few years. Our fund and institutional custody clients have ramped up their cryptocurrency offering plans and, in response, we’ve made it a priority to accelerate our ability to offer custody services.
The US bank first established its Blockchain and Cryptocurrency practice in 2015, when the price of bitcoin was below $ 200. The price of BTC hovers around $ 50,000 at the time of writing.
The bank announced the launch of three cryptocurrency offerings in April to meet “growing customer needs.” The first was the on-call service which is now live. The second was an investment in Securrency, a developer of institutional grade blockchain-based financial and regulatory technologies. The third was that the US bank had been selected to administer NYDIG’s bitcoin ETF this year, pending regulatory approvals.
What do you think of US Bank’s launch of crypto-custody services? Let us know in the comments section below.
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