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Crypto custody services will soon be available to customers of US Bank

America's fifth-largest financial institution reveals its crypto-related initiatives.

US Bank headquarters building. U.S. Bancorp is an American diversified financial services holding company headquartered in Minneapolis, Minnesota. Shutterstock

Fri, 30 Apr 2021, 07:25 am UTC

Crypto is getting more recognition from the financial industry as more banks start offering Bitcoin and crypto-related services to their clients. The latest one to join the trend is US Bank, America’s fifth-largest banking institution.

In a blog post on April 27, US Bank announced some details of its new cryptocurrency offerings. “We’re launching three new initiatives to meet growing needs of clients,” the bank said.

The bank’s first initiative is the launching of a new crypto custody product. However, the post did not reveal when the product will be launched.

“U.S. Bank Global Fund Services will offer a new cryptocurrency custody product for customers with the engagement of a sub-custodian for fund servicing,” the bank said. “We are finalizing our sub-custodian selection and will announce additional details in the coming weeks once internal reviews are final.”

The second initiative is on building strategic relationships such as its recent investment into a crypto firm. “We recently announced our investment in Securrency – a developer of institutional-grade blockchain-based financial and regulatory technology, which named U.S. Bank among investors in its latest round of funding,” the bank added.

Meanwhile, its initiative is on being selected to administer NYDIG’s ETF Bitcoin fund this year, which is still subject to regulatory approvals. “It expands on the bank’s long-standing private fund servicing relationship with NYDIG,” US Bank said.

Chief strategy officer for U.S. Bank Global Fund Services Christine Waldron expressed her pride in the bank’s achievements in the crypto space. “I am proud of how we came together from all areas of bank and brought forward our best thinking across our digital capabilities, product development, and technology to drive innovation in our Blockchain and Cryptocurrency practice,” she said.

She also expressed her optimism that the institution is well-positioned to take advantage of the sector’s future growth. “We’ve been active in this space for years – ensuring we are always best situated to serve our institutional clients – and these latest initiatives demonstrate our ongoing commitment and enthusiasm to grow this market,” Waldron said.

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