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.
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.
Photo Credit: US bank and ATM Marketplace.