The mass adoption of cryptos by institutions has been one of the most important goals the crypto industry set. There have been a lot of moves made in this direction, and they continue.
The latest move involved the US Bank launching a Bitcoin service. Check out the latest reports below.
US Bank launches bitcoin custody service as institutions race to cater to crypto demandhttps://t.co/mnD8DXMQ0R
— unfolded. (@cryptounfolded) October 5, 2021
CNBC just revealed that the race to cater to institutional investors who want to wager on crypto is intensifying.
U.S. Bank which is the fifth-biggest retail bank in the nation, announced Tuesday that its crypto custody service is available to fund managers, CNBC was first to report.
CNBC also noted that this offering will help investment managers store private keys for Bitcoin Cash and Litecoin with assistance from sub-custodian NYDIG.
Support for ETH is coming as well
This is according to Gunjan Kedia, vice-chair of the bank’s wealth management and investment services division.
It’s been also revealed that support for other coins like ETH is expected over time, Kedia said.
This move is the latest sign that established financial players are beginning to accept cryptos as a legit asset class.
The same online publication also noted that major players including Bank of New York Mellon, State Street and Northern Trust have all announced plans to custody digital assets.
“Our clients are getting very serious about the potential of cryptocurrency as a diversified asset class,” Kedia said in an interview.
“I don’t believe there’s a single asset manager that isn’t thinking about it right now.”
She also continued and said the following:
“What we were hearing across the board, is that while every currency might not survive – there may not be room for thousands of coins— there’s something about the potential of this asset class and the underlying technology that would be prudent for us to stand up support for it.”
Stay tuned for more news.