America’s Fifth-Largest Banking Institution US Bank to Offer Cryptocurrency Custody – Finance Bitcoin News
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As cryptocurrency has officially transitioned from the fringes of the internet to the mainstream, the institutions we use to store and trade our digital assets have had to adapt. Some of the biggest names in finance have taken notice, investing heavily in the technology behind digital currencies. Recently, U.S Bank – America’s fifth-largest banking institution – announced that it will be offering a crypto-custody service to its clients. The new service is designed to provide a safe and secure way to purchase, store, and trade digital assets.
The American multinational banking and financial services corporation US Bank is going to start offering its clients cryptocurrency custody services. The company has started talks with Coinbase, the largest bitcoin and cryptocurrency exchange in the United States. The new service will allow US Bank to store different type of cryptocurrencies for its customers.
The 27th. In April, U.S. Bank holding company U.S. Bank said in a blog post that the financial institution planned to offer storage services for cryptocurrencies. U.S. Bank Global Fund Services chief strategist Christine Waldron says she’s proud of her firm’s move into blockchain and cryptocurrencies.
U.S. Bank will offer cryptocurrency services untilis satisfied
In the first week of January 2021, the Office of the Comptroller of the Currency (OCC) announced that U.S. national banks and savings institutions will be able to work with stackablecoins and public blockchains. Following this announcement, the Bank of New York Mellon (BNY Mellon), the oldest bank in the US, announced in mid-February the creation of a digital currency unit. On Tuesday, the country’s fifth largest banking institution, U.S. Bank, published a blog post describing its new cryptocurrency offerings.
While the blog post does not specify when the bank will launch these products, it does mention three types of services. The bank will offer customers a new product for custody of cryptocurrencies, with a sub-custodian managing the funds. The company is currently finalizing the search for an underwriter. U.S. Bank also reports that the company is working on strategic relationships.
We recently announced our investment in Securrency, a developer of blockchain-based institutional financial and regulatory technology, the bank said in a statement. U.S. Bank will also partner with the NYDIG exchange traded fund. U.S. Bank has been selected to manage the NYDIG bitcoin ETF this year, subject to regulatory approval. This represents an expansion of the bank’s long-standing relationship with NYDIG to serve private funds, according to the press release.
Innovations in our practice of blockchain and cryptocurrencies
Christine Waldron of U.S. Bank said she is proud that her financial institution is forward-looking. I am proud of how we have come together from across the banking industry and brought the best ideas to bear on our digital capabilities, product development and technology to drive innovation in our blockchain and cryptocurrency practices, said Waldron.
We have been active in this field for many years and offer our institutional clients the best possible service. These latest initiatives demonstrate our continued commitment and enthusiasm for the development of this market, said the Chief Strategist of U.S. Bank Global Fund Services.
What do you think about the cryptocurrency services U.S. Bank may be offering in the near future? Let us know what you think in the comments below.
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Banking, banks, bitcoin, bitcoin (BTC), Christine Waldron, compliance, cryptocurrency, storage, digital assets, financial institution, NYDIG Bitcoin ETF, regulation, currency, US Bank, US Bank
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