On April 27, U.S. banking holding company US Bank revealed in a blog post that the financial institution plans to offer cryptocurrency custody services. The bank’s chief strategy officer for US Bank Global Fund Services, Christine Waldron, says she is proud of her company’s progress towards blockchain and cryptocurrency practices.
U.S. Bank to Offer Cryptocurrency Services Pending Compliance Approval
In the first week of January 2021, the Office of the Comptroller of the Currency (OCC) revealed that national banks and savings associations in the United States could manage stablecoins and public blockchains. Following the announcement, America’s oldest bank, Bank of New York Mellon (BNY Mellon) revealed in mid-February that it had created a digital currency unit. On Tuesday, the nation’s fifth largest banking institution, US Bank, published a blog post detailing the new cryptocurrency offerings.
Although the blog post does not reveal when the bank will roll out these products, the bank mentioned three types of services. The bank will offer a “new cryptocurrency custody product to clients with the engagement of a sub-custodian for the management of funds.” At this time, the company is finalizing the arrangement for a sub-custodian. US Bank also says the company is also working on strategic relationships.
“We recently announced our investment in Securrency – a developer of institutional grade blockchain-based financial and regulatory technology,” the bank said. US Bank will also work with NYDIG’s exchange-traded fund. “US Bank has been selected to administer NYDIG’s bitcoin ETF this year, pending regulatory approvals. It extends the long-standing private fund management relationship between the bank and NYDIG, ”the announcement notes.
“ Stimulate innovation in our blockchain and cryptocurrency practice ”
Christine Waldron, of the US Bank, explained that she was proud of her financial institution for its forward-thinking practices. “I am proud of how we have come together across all areas of banking and showcased our best ideas on our digital capabilities, product development and technology to drive innovation in our blockchain practice and cryptocurrency, ”Waldron detailed.
“We have been active in this field for years – ensuring that we are always in the best position to serve our institutional clients – and these latest initiatives demonstrate our continued commitment and enthusiasm to develop this market,” the Chief Strategy Officer of US Bank Global Fund Services concluded.
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