The US Bank is rolling out a crypto custody service for fund managers following high market demand, CryptoPotato reported.
- The US Bank has teamed up with New York Digital Investment Group (NYDIG) to offer services for Bitcoin, Litecoin, and Bitcoin Cash, with plans to include other digital tokens such as Ethereum in the pipeline.
- US Bank Senior Executive Gunjan Kedia said the bank surveyed its biggest clients regarding interest in cryptocurrencies, and results showed high interest for services involving digital assets.
- Clients also indicated that they want US Bank to “move quickly” given the competition from other financial institutions with crypto services, as a number of customers already have cryptocurrency holdings.
- The crypto custody will be available to institutional managers with private funds in the US or Cayman Islands, pending the approval of the Securities and Exchange Commission (SEC) of the Bitcoin ETF.
Most institutional investors have realized the potential use cases for businesses, such as the Arab Bank Switzerland, which enabled its clients to trade XTZ. BTC is up 8.46%, LTC is up 3.64%, BCH up 8.50%, ETH up 2.31%.