US Bancorp is the fifth largest bank in the United States. From now on, institutional investors can keep crypto at the bank.
On October 5, the US bank gave up US Bancorp in a press release knownthat it will now offer the custody of crypto values as a service. The offer is initially aimed primarily at the target group of institutional investors such as investment managers of fund companies. The US bank works with the company NYDIG together, a technology and finance company focused on Bitcoin and the blockchain.
Gunjan Kedia, Vice Chairman of US Bank Wealth Management and Investment Services, commented on the new crypto custody services:
Investor interest in cryptocurrency and the demand from our fund service customers have risen sharply in recent years. Our fund and institutional custodian customers have advanced their plans to offer cryptocurrency and in response we have made it our mission to make our ability to provide custody services a priority.
Gunjan Kedia, Vice Chairman, US Bank Wealth Management and Investment Services
Also on the part of the technology company NYDIG there were happy words about cooperation. This is how Robert Gutmann, one of the founders and CEO, said:
NYDIG is proud to work with US Bank to offer their customers a custody solution that meets the highest security, compliance and regulatory standards. Together we can facilitate access to this growing asset class while delivering a world class experience to US Bank clients.
Growing institutional interest in crypto
Bitcoin recently cracked the $ 50,000 mark again. The increased interest from institutional investors is also likely to be responsible for the rally. Because the interest on the part of the large fund companies and asset managers is growing. A Fidelity survey from July 2021 showed that institutions have a massive interest in cryptocurrencies. In addition, almost all large asset managers are invested in Bitcoin – be it directly or indirectly, for example in the form of shares in mining companies. Blackrock owned a $ 383 million position in mining companies Riot-Blockchain and Marathon Digital Holdings on Aug. 21. Also, more and more of the big money managers are looking for crypto experts. For example, the 1.5 trillion investment company Franklin Templeton, which only published several job postings for crypto-experienced job seekers in September.