U.S. Bank said it restarted cryptocurrency custody offerings for institutional investment managers, broadening the service to include bitcoin (BTC) exchange-traded funds (ETFs).
The program, first rolled out in 2021 and put on hold in 2022, is available on an early access basis through U.S. Bank’s Global Fund Services division, the bank said Wednesday.
Custody operations will be supported by NYDIG, which is acting as the bank’s sub-custodian for bitcoin.
Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, said the move was prompted by renewed regulatory clarity.
“We’re proud that we were one of the first banks to offer cryptocurrency custody for fund and institutional custody clients back in 2021, and we’re excited to resume the service this year,” he said in the release.
NYDIG CEO Tejas Shah framed the partnership as a way to bring institutional-grade safeguards to bitcoin access. “Together, we can bridge the gap between traditional finance and the modern economy,” he said.
U.S. Bank had over $11.7 trillion in assets under custody and administration as of June 30. Its services span ETFs, fund custody, fund administration, corporate trust and wealth management.
Read MoreCoinDesk: Bitcoin, Ethereum, Crypto News and Price Data[#item_full_content]
The bank’s volatility-adjusted bitcoin-to-gold model still points to a theoretical price around $170K over the…
What to Know: IMF concerns about dollar stablecoins eroding local currencies reinforce the appeal of…
Another $113 million exited on Thursday, putting the fund on track for a sixth week…
Bitcoin’s early week rally unraveled as sharp ETF outflows, aggressive derivatives deleveraging and muted altcoin…
Regulators in Washington on Thursday cleared a major step that lets Americans trade spot Bitcoin…
Bitcoin is again trading under the shadow of a potential yen carry-trade shock as markets…