A banking giant in the United States with more than $8.6 trillion in assets under custody and administration is now expanding its services into Bitcoin (BTC).
US Bank is now offering institutional investment managers with private funds in the US or Cayman Islands a custody service for BTC, according to a company press release.
The bank also says it plans to roll out custody 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 US Bank’s network of providers. NYDIG is a Bitcoin-focused technology and financial services company and subsidiary of investment management company Stone Ridge Asset Management.
Gunjan Kedia, the vice chair of US Bank’s wealth management and investment services, says investor interest in cryptocurrency and demand from the bank’s fund services necessitated the move.
“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…
The environment is complex, with an evolving regulatory landscape and nascent technology platforms. Our clients are looking for a service offering that is consistent with US Bank’s exceptional standards of quality and risk management.”
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