A US banking behemoth with more than $8.6 trillion in assets under custody and administration is now expanding its services to include Bitcoin (BTC).
According to a company press release, US Bank is now offering institutional investment managers with private funds in the United States or the Cayman Islands a BTC custody service.
In addition, the bank says it intends to offer custody services for other crypto assets in the future.
New York Digital Investment Group (NYDIG), a crypto giant, will be the first “crypto sub-custodian” in US Bank’s network of providers. NYDIG is a Bitcoin-focused technology and financial services company that is a subsidiary of Stone Ridge Asset Management.
Gunjan Kedia, vice chair of US Bank’s wealth management and investment services, says the move was necessitated by investor interest in cryptocurrency and demand for the bank’s fund services.
“In response to our fund and institutional custody clients’ plans to offer cryptocurrency, we made it a priority to accelerate our ability to offer custody services…
The environment is complicated, with a changing regulatory landscape and emerging technology platforms. Our clients are looking for a service offering that is in line with US Bank’s exceptional quality and risk management standards.”