(Reuters) – U.S. Bancorp stated on Tuesday it had launched a cryptocurrency custody service for institutional funding managers who’ve non-public funds in the US and Cayman Islands.
The fifth largest U.S. financial institution stated bitcoin-focused monetary providers agency NYDIG will act as a sub-custodian and the service will quickly assist cryptocurrencies apart from bitcoin as effectively.
“Investor curiosity in cryptocurrency and demand from our fund providers purchasers have grown strongly over the previous few years,” Gunjan Kedia, vice chair of the financial institution’s wealth administration and funding providers stated.
Regardless of wild value swings in bitcoin and rising regulatory crackdown, main monetary establishments have been investing and increasing their choices within the cryptocurrency area.
In July, Enterprise Insider reported that JPMorgan Chase & Co would enable entry to cryptocurrency funds to all its wealth administration purchasers whereas Citigroup Inc stated in August it was contemplating providing bitcoin futures buying and selling for some institutional purchasers.