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Traditional financial institutions continue to troop into the cryptocurrency space.
U.S. Bank now offering Bitcoin custody services
U.S. Bank, the fifth-largest bank in the United States, has announced earlier today that it would be launching Bitcoin custody services. This latest development comes after the bank partnered with NYDIG.
In a press release earlier today, the bank said,
cryptocurrency custody services are now live and available to their Global Fund Services clients. The services are intended for institutional investment managers with private funds in the U.S. or Cayman Islands who would like a safekeeping solution for Bitcoin – with additional coin support coming soon.
According to the U.S. Bank, NYDIG is its first sub-custodian partnership in the cryptocurrency space. However, it intends to partner with other providers in the coming months. the huge demand for cryptocurrency services from institutional investors is the main reason why the bank launched this service.
Gunjan Kedia, vice-chair, U.S. Bank Wealth Management and Investment Services, said, “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.”
More financial institutions are offering cryptocurrency services
The past year has seen numerous financial institutions enter the cryptocurrency space in various capacities. In August, Wells Fargo became the latest bank to offer access to Bitcoin fund to its wealthy clients, joining the likes of Goldman Sachs, Morgan Stanley, JPMorgan and Citigroup in this category.
In June, Goldman Sachs revealed that it plans to offer Ether futures as more institutional investors demand exposure to Bitcoin and other leading cryptocurrencies. With the U.S. Bank’s custody offerings, it will enable private key storage for bitcoin, bitcoin cash and litecoin
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