US Bank, the fifth largest bank in the USA, has started to provide custody services for cryptocurrencies to institutional investment managers.
Institutional US Bank customers who manage mutual funds in the US or the Cayman Islands will be able to use the bank’s custody service to keep their bitcoin (BTC) safe.
Taking this step to meet the demands of its corporate customers interested in cryptocurrencies, the bank will work with the cryptocurrency company NYDIG to create the necessary infrastructure for the custody service.
Gunjan Kedia, Vice President of US Bank Wealth Management and Investment Services, “Our custodial institutional clients have stepped up their plans to offer cryptocurrencies, and in response, we have made it a priority to be able to provide custodial services to them.” said.
US Bank Wealth Management and Investment Services, in total $8.6 trillion worth of assets Provides storage and management services for
According to the bank’s statement on Tuesday, the custody service, which will cover only bitcoin at the initial stage, will be available for other cryptocurrencies “soon”.