US Bank Launches Crypto Custody Service
Posted by Colin Lambert. Last updated: October 7, 2021
Maintaining the momentum of banks adding cryptocurrencies to their custody offerings, US Bank has announced it has gone live with cryptocurrency custody services for its global fund services clients.
The services are intended for institutional investment managers with private funds in the US or Cayman Islands who would like a safekeeping solution for Bitcoin – with additional coin support coming soon. NYDig is the first crypto sub-custodian announced in the bank’s network of providers.
“Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” says Gunjan Kedia, vice chair, US Bank wealth management and investment services. “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,” he adds. “Integrity and expertise are critical to safeguarding our clients’ most valuable assets.”