The fifth largest commercial bank in the United States in terms of assets, US Bank plans to offer its clients a custodian service for working with cryptocurrencies. Reported by CNBC.
The initiative targets institutional private fund managers in the United States and the Cayman Islands. They will be able to store private keys from Bitcoin, Bitcoin Cash and Litecoin wallets in the bank. Ethereum and other cryptocurrencies will be supported at a later date.
The service is provided in cooperation with the company NO.
US Bank expects to significantly expand the coverage of the service if bitcoin is approvedETFin the USA.
“Our clients are beginning to seriously consider cryptocurrencies as an asset class for diversification,” the bank said.
Before connecting customers to the service, US Bank will verify the origin of the cryptocurrency in accordance with standard identification and anti-money laundering procedures.
US Bank noted the increased interest of investors in bitcoin.
“Many agree that not all cryptocurrencies will survive. But this asset class and the technology underlying it has potential, so it makes more sense for us to support it, ”the financial institution said.
Recall that in February 2021, Bank of New York Mellon announced the launch of services for storing bitcoin and other cryptocurrencies.
In June, State Street announced the creation of a new division focused on digital assets and the decentralized finance sector.
In early September, the American Vast Bank allowed clients to trade cryptocurrencies from FDIC-insured accounts.
Subscribe to crypto-daily.news news on Telegram: crypto-daily.news Feed – the entire news feed, crypto-daily.news – the most important news, infographics and opinions.
Found a mistake in the text? Select it and press CTRL + ENTER
#largest #banks #announced #launch #service #storing #bitcoin