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US Bank Launches Cryptocurrency Custody Services Amid Strong Demand From Institutional Clients – Featured Bitcoin News

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US Bank has launched its cryptocurrency custody companies. “Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” the financial institution mentioned.

US Bank’s Crypto Custody Services Now Live

U.S. Bank introduced Tuesday that its cryptocurrency custody companies are actually dwell and out there to its Global Fund Services shoppers.

U.S. Bancorp, with almost 70,000 workers and $559 billion in belongings as of June 30, is the dad or mum firm of U.S. Bank, the fifth-largest financial institution within the nation. The Minneapolis-based firm serves tens of millions of shoppers regionally, nationally, and globally. U.S. Bank Wealth Management and Investment Services has greater than $8.6 trillion in belongings below custody and administration and $282 billion in belongings below administration globally as of June 30.

The announcement particulars:

The companies are supposed for institutional funding managers with personal funds within the U.S. or Cayman Islands who would love a safekeeping resolution for bitcoin – with extra coin help coming quickly.

“NYDIG, a leading technology and financial services company dedicated to Bitcoin, is the first crypto sub-custodian announced in the bank’s network of providers,” it provides. New York Digital Investment Group (NYDIG) is the bitcoin funding arm of Stone Ridge Asset Management.

Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services, commented:

Investor curiosity in cryptocurrency and demand from our fund companies shoppers have grown strongly over the previous couple of years. Our fund and institutional custody shoppers have accelerated their plans to supply cryptocurrency and, in response, we made it a precedence to speed up our means to supply custody companies.

U.S. Bank first established its Blockchain and Cryptocurrency Practice in 2015, when the value of bitcoin was lower than $200. The worth of BTC is hovering round $50K on the time of writing.

The financial institution introduced the launch of three cryptocurrency choices in April to fulfill the “growing needs of clients.” The first was the custody service which is now dwell. The second was an funding in Securrency, a developer of institutional-grade blockchain-based monetary and regulatory know-how. The third was that U.S. Bank had been chosen to manage NYDIG’s ETF bitcoin fund this yr, pending regulatory approvals.

What do you consider US Bank launching crypto custody companies? Let us know within the feedback part beneath.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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(This story has not been edited by CryptoNFT | Latest News Live and is revealed from a syndicated feed.)

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