Today a major American financial institution, U.S. Bank, otherwise called US Bancorp unveiled a cooperation with BTC-focused tech firm NYDIG to deliver crypto custody options. The tweet shared by the company notes the growing institutional interest in the space.
As interest in cryptocurrency increases among institutional investors, we’re excited to partner with @NYDIG_BTC to offer our clients an industry-leading safekeeping solution for Bitcoin. Learn more: https://t.co/xcNquYAzYI pic.twitter.com/VxE9CYqS8g— U.S. Bank (@usbank) October 5, 2021
The new service is already allowable for the Global Fund Services customers. As reported by CNBC, US Bancorp carries out private key storage for Bitcoin, Bitcoin Cash, and Litecoin. NYDIG acts as a sub-custodian.
U.S. Bank ranks 5th as the largest bank in the USA. It was established in 1863 in Minneapolis. As of June 30, 2021, the establishment's Wealth Management and Investment Services hold over $8.6 T in assets under custody and $282 bln in assets under management.
Commenting on the news, Vice Chairman of the division, Gunjan Kedia said that investor interest in crypto has grown significantly over the past several years. The number of banks offering crypto services has been increasing in the US, including Goldman Sachs, JP Morgan, Morgan Stanley, State Street,BNY Mellon, and others.
Demand from institutions is among the core factors that causes crypto market prices to go higher. At the moment, the global crypto market cap stands at over $2.1 trillion.