U.S. Bank, an American bank holding company, has announced the launch of cryptocurrency custody services to its Global Fund Services clients.
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The Minneapolis-based company says the services are focused on institutional investment managers with private funds in the US or Cayman Islands who would like a "safekeeping solution" for bitcoin (EXANTE: Bitcoin) and other coins in the foreseeable future. The bank offers services in a partnership with NYDIG.
"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," said Gunjan Kedia, Vice Chair, U.S. Bank Wealth Management and Investment Services.
Robert Gutmann, Co-Founder and CEO of NYDIG, believes that with the bank, the company can facilitate access to the growing asset class while delivering "the best-in-class experience that U.S. Bank's clients have come to expect." The move comes after Bank of America (BofA) Securities, an American multinational investment banking division, rolled out a cryptocurrency research department. The research arm has reportedly been made as a response to the "growing institutional interest."
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