The fifth largest banking institution in the United States The American bank will offer custody of cryptocurrencies
On April 27, the US banking holding company US Bank revealed in a blog post that the financial institution plans to offer cryptocurrency custody services. Christine Waldron, director of the bank’s strategy for US Bank Global Fund Services, says she is proud of her company’s advances 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 can deal with 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 country’s fifth 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 for clients with the engagement of a sub-custodian for the management of funds.” At present, the company is in the process of finalizing the arrangement for a sub-custodian. US Bank also says the company is also working on strategic relationships.
âWe recently announced our investment in Securrency – a developer of institutional grade blockchain-based financial and regulatory technologies,â the bank said. US Bank will also work with NYDIG’s exchange-traded fund. âUS Bank has been selected to administer NYDIG’s bitcoin ETF this year, pending regulatory approvals. It extends the bank’s long-standing private funds relationship with NYDIG, âthe announcement notes.
“Foster innovation in our practice of blockchain and cryptocurrency”
Christine Waldron of US Bank explained that she is proud of her financial institution for its forward-thinking practices. âI am proud of how we have come together across all areas of banking and presented our best thoughts on our digital capabilities, product development, and technology to drive innovation in our blockchain practice and cryptocurrency, âexplained Waldron.
“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 Strategy Director of US Bank Global Fund Services. concluded.
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