US Bank launches bitcoin custody service as institutions race to cater to crypto demand
The race to cater to institutional investors who want to wager on cryptocurrency is heating up. U.S. Bank, the fifth-biggest retail bank in the nation, announced Tuesday that its cryptocurrency custody service is available to fund managers, CNBC was first to report. The offering will help investment managers store private keys for Bitcoin, Bitcoin Cash, and Litecoin with assistance from sub-custodian NYDIG, according to Gunjan Kedia, vice-chair of the bank’s wealth management and investment services division. Support for other coins like Ethereum is expected over time, Kedia said.