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A banking giant in the United States with more than $ 8.6 trillion in assets in custody and under administration is now expanding its services to Bitcoin (BTC).
US Bank is now offering custodial service for BTC to institutional investment managers with private funds in the United States or the Cayman Islands, according to a press release from the company.
The bank also announced plans to roll out custodial services for other crypto assets in the future.
Crypto giant New York Digital Investment Group (NYDIG) will act as the first “crypto sub-custodian” in the US bank’s supplier network. NYDIG is a Bitcoin-focused financial services and technology company and a subsidiary of investment management firm Stone Ridge Asset Management.
Gunjan Kedia, vice president of wealth management and investment services at the U.S. bank, said investor interest in cryptocurrency and demand for the bank’s fund services necessitated the decision.
“Our fund and institutional custody clients have accelerated their cryptocurrency offering plans and, in response, we have made it a priority to accelerate our ability to offer custody services …
The environment is complex, with an evolving regulatory landscape and emerging technological platforms. Our clients seek a service offering that meets US Bank’s exceptional quality and risk management standards.
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Featured Image: Shutterstock / NextMarsMedia
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