(Reuters) – U.S. Bancorp mentioned on Tuesday it had launched a cryptocurrency custody service for institutional funding managers who’ve non-public funds in the USA and Cayman Islands.
The fifth largest U.S. financial institution mentioned bitcoin-focused monetary companies agency NYDIG will act as a sub-custodian and the service will quickly assist cryptocurrencies in addition to bitcoin as nicely.
“Investor curiosity in cryptocurrency and demand from our fund companies shoppers have grown strongly over the previous couple of years,” Gunjan Kedia, vice chair of the financial institution’s wealth administration and funding companies mentioned.
Regardless of wild worth swings in bitcoin and rising regulatory crackdown, main monetary establishments have been investing and increasing their choices within the cryptocurrency house.
In July, Enterprise Insider reported bit.ly/2WeyK7X that JPMorgan Chase & Co would enable entry to cryptocurrency funds to all its wealth administration shoppers whereas Citigroup Inc mentioned in August nL4N2PV3DG it was contemplating providing bitcoin futures buying and selling for some institutional shoppers.
Reporting by Sohini Podder in Bengaluru; Modifying by Vinay Dwivedi