bitcoin

America’s 5th largest bank offers crypto custody service to investors

Heavyweight American financial house, US bank is launching crypto custody service to attract institutional investors who are eager to trade cryptocurrencies.

The  US bank in collaboration with New York Digital Investment Group (NYDIG)  will offer Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC) custody services (LTC), CNBC reported on Tuesday.

Support for other cryptocurrencies, such as Ether (ETH), will be added over time, according to Gunjan Kedia, a senior executive at US Bank’s wealth management and investment division.

Crypto custody service

The urge to cater for the crypto needs of established investors has forced many traditional financial institutions to recognize crypto as a valid asset class.

“Our clients are getting very serious about the potential of cryptocurrency as a diversified asset class,”

 “I don’t believe there’s a single asset manager that isn’t thinking about it right now,” Kedia said.

However, the US bank is not the first financial institution to offer crypto custody.

Fund managers and other mainstream banks have been meddling into the crypto space for quite some time now. A perfect case study is Grayscale Bitcoin Trust. 

NEXT: Facebook Outage: Blockchain technology enthusiasts promote decentralized social networks

Photo Credit: US bank and ATM Marketplace.

About Godwin

Godwin is a multi-faceted writer. He covers the latest and most significant news in the crypto industry for Newsbsc. Aside from his work here, he writes exceptional SEO optimized web contents for other websites in different sectors.

Check Also

bitcoin

Ripple v SEC lawsuit is going much better than expected, new claims by Coinbase CEO

Coinbase CEO Brian Armstrong has claimed that the Ripple v SEC lawsuit is going much …

Leave a Reply

Your email address will not be published. Required fields are marked *