Tuesday, May 11, 2021

America’s fifth-largest bank plans to offer cryptocurrency custody services.

The Takeaway:

The American bank holding company U.S. Bank revealed in a blog post that the financial institution plans to offer cryptocurrency custody services.

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One of the top American bank holding companies, U.S. Bank, revealed in a blog post that the financial institution plans to offer cryptocurrency custody services. The bank’s chief strategy officer for U.S. Bank Global Fund Services, Christine Waldron, says she is proud of her company’s steps toward blockchain and cryptocurrency practices. Earlier, several other banks had also announced to engage in cryptocurrency activities. 

 

U.S. Bank joins other financial institutions in offering cryptocurrency services. 

Earlier this year, The Office of the Comptroller of the Currency (OCC) revealed that national banks and savings associations in the U.S. could deal with stablecoins and public blockchains. Following that breakthrough announcement, the oldest bank in America, Bank of New York Mellon (BNY Mellon), disclosed that it created a digital currency unit in mid-February. Now, the fifth-largest banking institution in the country, U.S. Bank, published a blog post that details new cryptocurrency offerings. The blog post does not reveal when the bank will deploy these products, but the bank mentioned three types of services.

 

The U.S Bank is working on strategic relationships.

The U.S Bank will offer a “new cryptocurrency custody product for customers with the engagement of a sub-custodian for fund servicing.” At the moment, the company is finalizing the arrangement for a sub-custodian. U.S. Bank also says that the company is also working on strategic relationships. “We recently announced our investment in Securrency – a developer of institutional-grade blockchain-based financial and regulatory technology,” the bank said. U.S. Bank will also be working with NYDIG’s exchange-traded fund. The announcement further noted, “U.S. Bank has been selected to administer NYDIG’s ETF bitcoin fund this year, pending regulatory approvals. It expands on the bank’s long-standing private fund servicing relationship with NYDIG.”

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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