US Bank Launches Cryptocurrency Custody Service

Get real time updates directly on you device, subscribe now.

Large commercial bank US Bank (US Bancorp) announced the official launch of a custodian service for cryptocurrencies. It can be used by the bank’s clients in the United States and the Cayman Islands.

To launch the service, the bank entered into a partnership with the American firm NYDIG, which was selected for its efforts to comply with regulatory requirements. This is the first such agreement, but in the future, US Bank plans to connect an entire “network” of custodian service providers.

The service is intended for institutional investors registered in the United States or the Cayman Islands who are looking for an opportunity to safely store bitcoins. At the moment, the service provides the ability to store only BTC, but support for other cryptocurrencies will be added in the future.

“Over the past few years, investor interest in cryptocurrencies and the demand for such services from our clients have grown significantly. Our clients are increasingly offering cryptocurrency-related products and in response, we have presented our custodian solution, ”said Gunjan Kedia, Vice Chairman of US Bank.

US Bank announced plans to launch a custodian service for cryptocurrencies back in April this year. In mid-September, it was reported that the European bank CACEIS, which holds $ 4.96 trillion in assets, is working with Metaco to launch its crypto custody solution.

Get real time updates directly on you device, subscribe now.

Leave A Reply

Your email address will not be published.