US Bank Becomes Crypto Custodial Service Provider Because of Institutional Demand

US Bank is now officially a crypto partner as the bank has successfully inaugurated crypto custodial services because there is a huge interest of investors into virtual currencies while, on the other hand, the bank’s institutional clients were insisting that the bank should immediately provide for crypto services.

US Bank is one of the major commercial banks in the US and is also amongst the oldest bank. It was founded in 1863 during the time when Abraham Lincoln was the head of the state, but with another name. The bank’s charter was also approved and signed by Lincoln’s administration on 13th July 1863. The bank continued to evolve with the time and changed its name to “US Bank”. It is headed by its Chairman, Andy Cecere, who is also the CEO as well as the President of the US Bank.

US Bank employs more than 70 K employees and, as per its latest financial report, it owns assets worth more than US$600 Billion. It has branches in the US and across borders and involves multiple trillion-dollar businesses in terms of investment and wealth management.

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However, since its inception until a few days back, US Bank managed to stick to traditional finance and related services. Even in the times of the Covid-19 crisis, US Bank was at the front of helping US citizens in availing small loans with zero markups. It also helped the US Government in its effort to provide relief packages to US citizens.

But there is a little change of policy in the US Bank. US Bank has announced the inauguration of crypto custodial services on 5th October 2021. The bank told in a press release that the crypto custodial services are fully functional and have been sent live after due deliberations. The bank now seeks to serve local as well as global customers in providing them with custodial services.

It was specifically told in the US Bank’s announcement that crypto custodial services have been provided for particular classes of customers. For instance, the services have been launched for investment managers from the institutional sector who want to invest funds in the US. If they want to ensure the safety of their Bitcoins, they can come to the bank and avail services, suggested the announcement.

Another important thing to note was that Bank wishes to serve those customers as well who want to invest in the Cayman Islands.

The bank also told that its partner in-arms with regard to crypto custodial service is NYDIG, a prominent crypto service provider. On the other hand, NYDIG is a company which is owned by Stone Ridge Asset Management. It is used by Stone Ridge as a Bitcoin investment vehicle.

US Bank’s VC, Gunjan Kedia said that they have fulfilled their promise with their institutional customers. Now the service is there and they must make full use of the service for achieving their desired objectives.