Ready For Takeoff? US Bank Launches Crypto Custody

October 5, 2021 6:33 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Ready For Takeoff? US Bank Launches Crypto Custody

U.S. Bancorp's (NYSE:USB) bank, U.S. Bank, is launching its own cryptocurrency custody service aimed at institutional investors in partnership with New York Digital Investment Group (NYDIG).

See Also: Learn about Cryptocurrency

What Happened: According to a Tuesday CNBC report, U.S. Bank partnered with NYDIG to provide custody services for Bitcoin (CRYPTO: BTC), Bitcoin Cash (CRYPTO: BCH) and Litecoin (CRYPTO: LTC).

Gunjan Kedia, a senior executive at U.S. Bank’s wealth management and investment division, told the news outlet that support for other cryptocurrencies such as Ethereum (CRYPTO: ETH) will be added at a later time.

This detail is surprising given that recent research reveals that fund managers appear to be more bullish on Ethereum than they are on Bitcoin.

The report follows State Street Corp (NYSE:STTpartnering with Lukka to roll out digital and cryptocurrency asset fund administration capabilities for the firm's private funds clients. Similarly, Bank of New York Mellon Corp (NYSE: BK) — the oldest bank in the United States — announced its Bitcoin and digital assets services back in February.

See Also: Is Cryptocurrency a Good Investment?

Photo: Courtesy U.S. Bank

For the latest in financial news, exclusive stories, memes follow Benzinga on Twitter, Facebook & Instagram. For the best interviews, stock market talk & videos, subscribe to Benzinga Podcasts and our YouTube channel.


Related Articles

DOGE DeFi: Dogecoin Pool On THORChain Sees $3.8M Liquidity In A  Single Day

DOGE DeFi: Dogecoin Pool On THORChain Sees $3.8M Liquidity In A Single Day

Users can now earn DeFi yields on their Dogecoin (CRYPTO: DOGE) holdings by depositing their assets on THORChain’s (CRYPTO: RUNE) decentralized liquidity network. read more
Friday's Morning Update On Crypto Gainers and Losers

Friday's Morning Update On Crypto Gainers and Losers

Pulled from Benzinga Pro here's the list of the top crypto gainers and losers at the time of publication: read more
Sushi, ECOMI Among Top Crypto Movers In 24H

Sushi, ECOMI Among Top Crypto Movers In 24H

Pulled from Benzinga Pro here's the list of the top crypto gainers and losers at the time of publication: read more
Cryptocurrency Bitcoin Cash Decreases More Than 3% Within 24 hours

Cryptocurrency Bitcoin Cash Decreases More Than 3% Within 24 hours

Bitcoin Cash's (CRYPTO: BCH) price has decreased 3.5% over the past 24 hours to $387.76, continuing its downward trend over the past week of -8.0%, moving from $427.48 to its current price. read more