US Bank has announced launching a crypto custody service available to fund managers.
US Bank partnered with New York Digital Investment Group (NYDIG) to provide crypto services for Bitcoin, Litecoin, and Bitcoin Cash. According to CryptoPotato, support for other cryptocurrencies like Ethereum will be rolled out in the near future.
The US Bank said crypto custody will be available to institutional managers with private funds in the US or Cayman Islands, as the Securities and Exchange Commission (SEC) is yet to approve a Bitcoin ETF.
The new initiative comes a year after the Office of the Comptroller of the Currency (OCC) – an independent bureau within the United States Department of Treasury – released a paper that permits national banks to offer custody of crypto assets.