US Bank Launches Cryptocurrency Custody Services Amid Strong Demand From Institutional Clients
US Bank has launched its cryptocurrency custody services. “Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” the bank said.
US Bank’s Crypto Custody Services Now Live
U.S. Bank announced Tuesday its availability of cryptocurrency custody services to clients of its Global Fund Services.
U.S. Bancorp is the parent company to U.S. Bank. It has nearly 70,000 employees and $559 Billion in assets as of June 30. This bank is the fifth-largest in the country. The Minneapolis-based bank serves millions of customers nationally and internationally. U.S. Bank Wealth Management and Investment Services currently has assets totaling more than $8.6 trillion under custody and administration and $282 Billion under management globally, as of June 30,
Details of the announcement:
These services are for institutional investors with private funds in the U.S. and Cayman Islands that would like to have a safekeeping solution for Bitcoin. Additional coin support will be available soon.
It adds that NYDIG, a top technology and financial services company, has been named as the first crypto sub-custodian in the bank’s network of providers. New York Digital Investment Group (NYDIG), is Stone Ridge Asset Management’s bitcoin investment arm.
Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services, commented:
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.
U.S. Bank first established its Blockchain and Cryptocurrency Practice in 2015, when the price of bitcoin was less than $200. The price of BTC 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 clients.” The first was the custody service which is now live. The second was an investment in Securrency, a developer of institutional-grade blockchain-based financial and regulatory technology. The third was that U.S. Bank had been selected to administer NYDIG’s ETF bitcoin fund this year, pending regulatory approvals.
