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U.S. Bank Launches Crypto Custody Services Amid Strong Demand From Institutional Clients

The US bank has launched its cryptocurrency custody services. “Investor interest in cryptocurrencies and the demand for fund services from our clients has increased significantly in recent years,” the bank said.

US Bank Now Live Custody Encryption Services

The US bank announced Tuesday that its cryptocurrency escrow services are now live and available to its Global Fund Services clients.

U.S. Bancorp, with nearly 70,000 employees and $ 559 billion in assets as of June 30, is the U.S. holding company. Bank, the fifth largest bank in the country. The Minneapolis-based company serves millions of customers locally, nationally and globally. As of June 30, the US bank Wealth Management and Investment Services had more than $ 8.6 trillion in assets under custody and management and $ 282 billion in assets under global management.

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The services are aimed at privately funded institutional investment managers in the United States or the Cayman Islands who want an escrow solution for bitcoin, with additional support for future currencies.

“NYDIG, a leading Bitcoin financial services and technology company, is the first crypto sub-custodian announced on the bank’s provider network,” he adds. The New York Digital Investment Group (NYDIG) is the bitcoin investment arm of Stone Ridge Asset Management.

Gunjan Kedia, Vice President of Investment Services and Wealth Management, U.S. Bank said:

Investor interest in cryptocurrencies and the demand for fund services from our clients has increased significantly in recent years. Our institutional custodian and our fund clients have improved their cryptocurrency offering plans and, in response, we have made it a priority to accelerate our ability to offer escrow services.

The US bank first established its blockchain and cryptocurrency practice in 2015, when the price of bitcoin was below 200. The price of BTC currently hovers around $ 50,000.

The bank announced the launch of three cryptocurrency offerings in April to meet “growing customer needs.” The first was the guard duty, which is now active. The second was an investment in Securrency, a developer of institutional-level financial and regulatory technology based on blockchain. The third was that the US bank had been selected to manage NYDIG’s bitcoin ETF this year, pending regulatory approvals.

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