US Bank is unveiling a crypto custody service available to finance managers as most institutions hasten to meet clients’ demands for cryptocurrencies.
- The news, first published by CNBC, disclosed that US Bank collaborated with New York Digital Investment Group (NYDIG) to offer crypto services for Bitcoin, Litecoin, and Bitcoin Cash.
- The new program launches a year after the Office of the Comptroller of the Currency (OCC) released a paper that allows national banks to provide custody of crypto assets.
- Gunjan Kedia, a senior executive at US Bank’s wealth management unit, performed a survey on the firm’s biggest clients for their interest in investing and trading in cryptocurrencies.
- The survey results showed rising interest in digital asset services. Clients also wanted the bank to “move quickly” as other financial institutions were already offering crypto services such as custody and Bitcoin trading funds.
The US Bank stated that crypto custody would be available to institutional managers with private funds in the US or Cayman Islands, as SEC is yet to approve a Bitcoin ETF.
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Source: Crypto Potato