U.S. Bank launches cryptocurrency custody services

U.S. Bank has launched its cryptocurrency custody services which will be available to its global fund services clients.

The services are intended for institutional investment managers with private funds in the US or Cayman Islands that would like a safekeeping solution for bitcoin – with additional coin support to be added to its offering soon.

NYDIG, a technology and financial services company dedicated to bitcoin, will act as a sub-custodian.

U.S. Bank wealth management and investment services has more than US$8.6 trillion in assets under custody and administration and $282 billion in assets under management globally as of 30 June 2021.

In addition to offering alternative investment, fund custody, and fund administration services, the bank also offers asset management products and services, corporate trust and custody services, and wealth management services.

Gunjan Kedia, vice chair, U.S. Bank wealth management and investment services, says:
“Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services. We’re thrilled to offer our institutional clients NYDIG’s industry-leading bitcoin expertise, backed by the financial strength of U.S. Bank.”

Robert Gutmann, co-founder and CEO of NYDIG, comments: “NYDIG is excited to partner with U.S. Bank to provide its customers with a custody solution that meets the highest security, compliance and regulatory standards. “Together, we can facilitate access to this growing asset class while delivering the best-in-class experience that the U.S. Bank’s clients have come to expect.”