U.S. Bancorp launches cryptocurrency custody service for funding managers

25

Oct 5 (Reuters) – U.S. Bancorp (USB.N) stated on Tuesday it had launched a cryptocurrency custody service for institutional funding managers who’ve personal funds within the United States and Cayman Islands.

The fifth largest U.S. financial institution stated bitcoin-focused monetary providers agency NYDIG will act as a sub-custodian and the service will quickly assist cryptocurrencies in addition to bitcoin as nicely.

“Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” Gunjan Kedia, vice chair of the financial institution’s wealth administration and funding providers stated.

Despite wild value swings in bitcoin and rising regulatory crackdown, main monetary establishments have been investing and increasing their choices within the cryptocurrency house.

In July, Business Insider reported that JPMorgan Chase & Co (JPM.N) would permit entry to cryptocurrency funds to all its wealth administration purchasers whereas Citigroup Inc (C.N)stated in August it was contemplating providing bitcoin futures buying and selling for some institutional purchasers.

Reporting by Sohini Podder in Bengaluru;
Editing by Vinay Dwivedi

A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021.   REUTERS/Edgar Su/Illustration