The United States Bank launched cryptocurrency custody services. “Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the past few years,” the bank said.
US Bank Crypto Custody Services Now Available
The United States Bank announced Tuesday that its cryptocurrency custody services are now live and available to global fund service customers.
US Bancorp, which has nearly 70,000 employees and $559 billion in assets as of June 30, is the parent company of United States Bank, the nation’s fifth-largest bank. The Minneapolis-based company serves millions of customers locally, nationally and globally. U.S. Bank Wealth Management and Investment Services had more than $8.6 trillion in assets under custody and management and $282 billion in assets under management globally as of June 30.
The services are for institutional investment managers with private funds in the US or the Cayman Islands who would like a bitcoin safe keeping solution – with additional coin support coming soon.
He adds, “NYDIG, a leading technology and financial services company dedicated to bitcoin, is the first cryptocurrency sub-custodian to be announced in the bank’s provider network.” New York Digital Investment Group (NYDIG) is the bitcoin investment arm of Stone Ridge Asset Management.
Junjan Kedia, Vice President of Wealth Management at US Bank and Investment Services commented:
Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the past few years. Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency, and in response, we have made it a priority to accelerate our ability to offer custody services.
The US Bank first established the practice of Blockchain and Cryptocurrency in 2015, when the price of Bitcoin was below $200. BTC price is hovering around $50K at the time of writing.
The bank announced the launch of three cryptocurrency offerings in April to meet the “growing needs of customers.” The first was the nursery service that is now live. The second is to invest in Securrency, an enterprise-grade blockchain-based financial and regulatory technology developer. The third is that the US bank has been selected to manage NYDIG’s Bitcoin ETF this year, pending regulatory approval.
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