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U.S. Bank announced on Tuesday that following surging demand for the asset class, it has launched cryptocurrency custody services for its Global Fund Services clients.
The announcement reads:
“The services are intended for institutional investment managers with private funds in the U.S. or Cayman Islands who would like a safekeeping solution for bitcoin – with additional coin support coming soon.”
The bank partners with New York Digital Group (NYDIG), who have developed the program that helps banks offer Bitcoin to its customers.
U.S. Bank is also selected by NYDIG to administer its Bitcoin ETF, should regulators approve the application.
Vice chair of U.S. Bank Wealth Management and Investment Services, Gunjan Kedia, commented:
“Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years. Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services.”
The bank’s offering of custodial services was expected. The bank announced their plans in April of this year in order to meet the “growing needs of clients.
U.S Bank’s parent company U.S. Bancorp has nearly 70,000 employees and $559 billion in assets as of June 30. The Minneapolis headquartered bank is the fifth-largest in the U.S, serving millions of customers. Its Bank Wealth Management and Investment Services holds over $8.6 trillion in assets under custody and administration and $282 billion in assets under management globally as of June 30.
U.S. Bank entered the crypto space early in 2015 when the price of Bitcoin was not even $200. It then established its Blockchain and Cryptocurrency Practice.