On April 27, the US bank 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 steps toward blockchain and cryptocurrency practices.
US bank offers cryptocurrency services pending compliance approval
During the first week of January 2021, The Office of the Comptroller of the Currency (OCC) revealed that US national banks and savings associations could deal with stablecoins and public blockchains. Following that announcement, America’s oldest bank, Bank of New York Mellon (BNY Mellon), announced in mid-February that it had created a digital currency. On Tuesday, the country’s fifth largest banking institution, US Bank, released a blog post detailing new cryptocurrency offerings.
While the blog post does not disclose when the bank will deploy these products, the bank listed three types of services. The bank will offer “a new cryptocurrency custodian product for customers with the involvement of a sub-custodian for fund management.” The company is currently finalizing the sub-custodian scheme. US Bank also says the company is also working on strategic relationships.
“We recently announced our investment in Securrency – a developer of institutional blockchain-based financial and regulatory technology,” the bank said. US Bank will also partner with NYDIG’s exchange traded fund. US Bank has been selected to manage NYDIG’s ETF bitcoin fund this year, pending regulatory approval. It expands the bank’s long-standing relationship of maintaining private funds with NYDIG, ”the announcement said.
‘Driving innovation in our blockchain and cryptocurrency practice’
Christine Waldron of the US Bank explained that she is proud of her financial institution for its forward-thinking practices. “I am proud of how we came together from all areas of banking and brought forward our best ideas about our digital capabilities, product development and technology to drive innovation in our blockchain and cryptocurrency practice,” explained Waldron.
“We have been in this industry 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 grow this market,” said the chief strategy officer of US Bank Global Fund Services concluded.
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