{"id":140874,"date":"2021-10-05T22:30:04","date_gmt":"2021-10-05T22:30:04","guid":{"rendered":"https:\/\/precoinnews.com\/?p=140874"},"modified":"2021-10-05T22:30:04","modified_gmt":"2021-10-05T22:30:04","slug":"u-s-bank-announces-bitcoin-custody-service","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/u-s-bank-announces-bitcoin-custody-service\/","title":{"rendered":"U.S. Bank Announces Bitcoin Custody Service"},"content":{"rendered":"<h3>Key Takeaways<\/h3>\n<ul>\n<li>U.S. Bank will make cryptocurrency custodial services available to investment managers, according to CNBC.<\/li>\n<li>U.S. Bank is not the first major player to make such a move.<\/li>\n<li>The decision would suggest that institutional interest in cryptocurrency is continuing to grow. <\/li>\n<\/ul>\n<p><span>U.S. Bank, the <\/span><span>fifth largest<\/span><span> retail bank in the United States, announced its Bitcoin custody service in a press release today. <\/span><\/p>\n<h2><b>Big Banks Open to Crypto Custody Service<\/b><\/h2>\n<p><span>U.S. Bank, which currently<\/span> has custody of <span>$8.6 trillion<\/span><span> in assets, will initially make custody services available for Bitcoin. <\/span><\/p>\n<p><span>Custody services for Bitcoin Cash, Litecoin, Ethereum and other assets will likely come over time, according to the vice chair of U.S. Bank&rsquo;s wealth management and investment services division, Gunjan Kedia. <\/span><\/p>\n<p><span>T<\/span><span>his move would suggest that deeply entrenched U.S. financial institutions and their clients are becoming increasingly interested in cryptocurrencies.<\/span>&nbsp;<span>In an interview<\/span><span>, Kedia said, &ldquo;Our clients are getting very serious about the potential of cryptocurrencies as a diversified asset class&hellip;I don&rsquo;t believe there&rsquo;s a single asset manager that isn&rsquo;t thinking about it right now.&rdquo;<\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/10\/04131330\/SIMETRI-banner-square-100421.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/09\/30102357\/BlockOne-300x250-FINAL-1.gif\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/07\/20041635\/5.gif\"><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/bit.ly\/3rrBc6j\" width=\"1\" height=\"1\" border=\"0\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/08\/20040114\/Phemex-Category-Banner-Right-Side-082021.png\"><\/p>\n<p><span>While fund managers could buy digital assets themselves (and therefore have to store their own private keys),<\/span> <span>many want<\/span><span> the legacy financial institutions that already safeguard trillions in assets to secure their crypto assets for them.<\/span><\/p>\n<p>The service will be offered in partnership with NYDIG, a Bitcoin subsidiary of Stone Ridge Asset Management.<\/p>\n<h2>Other Banks Also Offer Crypto Services<\/h2>\n<p><span>Other large banks have already made similar moves, seemingly back-to-back. In February, BNY Mellon announced that it <\/span><span>would offer<\/span><span> its clients Bitcoin custody. Roman Regelman, BNY&rsquo;s CEO of Asset Servicing and Head of Digital, acknowledged that &ldquo;digital assets are becoming part of the mainstream.&rdquo; <\/span><\/p>\n<p><span>In March, within days of <\/span><span>Morgan Stanley announcing<\/span><span> three different funds with which its clients could attain Bitcoin exposure,<\/span> <span>Goldman Sachs announced<\/span><span> it would be launching a &ldquo;full spectrum&rdquo; of investment products in digital assets. Mary Rich, Goldman&rsquo;s VP of Digital Assets, said the prospect of blockchain being the &ldquo;dawn of new Internet&rdquo;<\/span><span>&mdash;<\/span><span>as well as the desire for a hedge against inflation<\/span><span>&mdash;<\/span><span>might explain their clients&rsquo; interest. <\/span><\/p>\n<p><img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/10\/04131330\/SIMETRI-banner-square-100421.png\"><br \/>\n<img decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2021\/09\/05235752\/Sanctor-demo-day-square.png\"><\/p>\n<p><span>Moreover, <\/span><span>State Street<\/span><span> announced in April their own cryptocurrency trading platform with a &ldquo;smart custody routing program.&rdquo; Later that month, <\/span><span>JP Morgan<\/span><span> made an announcement for its own Bitcoin fund along with custodial services.&nbsp;<\/span><\/p>\n<p><span>As of May,<\/span> <span>hundreds of banks<\/span><span> across the U.S. had already enrolled in the New York Digital Investment Group&rsquo;s (NYDIG) crypto custody program. The president of NYDIG, Yan Zhao, <\/span><span>has warned<\/span><span> that banks will lose customers to newer companies like Coinbase, Square, Paypal, and Robinhood if they do not provide crypto services.<\/span><\/p>\n<p><span>&nbsp;An August survey of U.K. institutional investors and wealth managers <\/span><span>found that nearly three quarters<\/span><span> sought to increase crypto exposure between now and 2023, and some big banks are now rolling out critical infrastructure to make it <\/span><span>easier for institutions<\/span><span> to do so.<\/span><\/p>\n<p><i><span>Disclaimer: The author of this piece owned BTC, ETH, and several other cryptocurrencies at the time of writing.<\/span><\/i><\/p>\n<p>The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.<\/p>\n<p>You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.<\/p>\n<p>See full terms and conditions.<\/p>\n<p>Source: <a href=\"https:\/\/cryptobriefing.com\/report-us-bank-expected-to-announce-bitcoin-custody-service\/\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Key Takeaways U.S. Bank will make cryptocurrency<\/p>\n","protected":false},"author":3,"featured_media":140873,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Bank Announces Bitcoin Custody Service - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/u-s-bank-announces-bitcoin-custody-service\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Bank Announces Bitcoin Custody Service - 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