• About
  • FAQ
  • Landing Page
  • Buy JNews
Toraja Cyber News
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Toraja Cyber News
No Result
View All Result
Home Bitcoin

Fifth largest US bank to launch bitcoin custody service

torajacybernews by torajacybernews
April 29, 2021
in Bitcoin, Blockchain, Guide
0
Fifth largest US bank to launch bitcoin custody service
190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

The fifth largest bank in the United States by total assets, the U.S. Bank, will launch a custody service for bitcoin (BTC) and cryptocurrencies for its clients. This was revealed by the financial institution through a statement released on April 27 on its website.

The bank, founded in 1968 and based in Minnesota, reported that the service will not be offered directly by them. The support will be outsourced through a company that was not identified, but has already been selected.

“We are finalizing the selection of our sub-custodian and will announce additional details in the coming weeks once the internal reviews are complete,” explained the U.S. Bank in the press release. The company hired for the safeguard would be, unofficially, the New York Digital Investment Group (NYDIG), a subsidiary of Stone Ridge.

Christine Waldron, the bank’s chief strategy officer, confirmed that the selection process was complete, but that she was not authorized to comment. Asked which cryptocurrencies would be supported, the executive told Coindesk: “It can’t just be a bitcoin story.”

The financial institution’s move would be related to the high demand it would have received from its clients interested in investing in digital assets. Among them would be pension funds, insurance companies and other corporate clients.

The bank also disclosed that it was selected by NYDIG to manage its bitcoin exchange-traded fund (ETF), should the requirement be approved by the United States Securities and Exchange Commission. In February, NYDIG filed the request in conjunction with Morgan Stanley, as reported by CryptoNews.

Banks are getting closer and closer to bitcoin

The approach of US banks towards bitcoin and cryptocurrencies was endorsed, in July of last year, by the Office of the Comptroller of the Currency. The regulatory entity opened the doors to financial institutions to provide services with crypto assets.

The argument for this decision is that banks could offer a “more secure than existing options” service, referring to companies in the bitcoin ecosystem that already operate in this field.

Support for the custody of digital assets is gaining ground among various banks on a global scale. In February of this year, the Bank of New York Mellon (BNY), the oldest in the United States, announced that it would launch, sometime in 2021, a custody service for cryptocurrencies.

“Digital assets are becoming part of the trend,” said Roman Regelman, executive director of digital business and asset services at BNY at the time.

In Europe, the German private bank, Donner & Reuschel, partnered with the company DLC Distributed Ledger Consulting GmbH to offer multiple services related to bitcoin, including sale and custody for its clients.

  • Trending
  • Comments
  • Latest
Paypal Co-Founder: Bitcoin Could Be a “Chinese Financial Weapon”

Paypal Co-Founder: Bitcoin Could Be a “Chinese Financial Weapon”

April 8, 2021
Mercado Libre will allow you to buy real estate with Bitcoin

Mercado Libre will allow you to buy real estate with Bitcoin

May 1, 2021
Ethereum miner will have 3 GH / s of hash

Ethereum miner will have 3 GH / s of hash

May 1, 2021
Xiaomi MIX 4 Review

Xiaomi MIX 4 Review

November 17, 2021
A ‘growth hacker’ uses cryptocurrencies to help homeless people

A ‘growth hacker’ uses cryptocurrencies to help homeless people

0
DeFi’s Total Locked Value Breaks New Record As BSC-Powered Protocols Totaled Billions

DeFi’s Total Locked Value Breaks New Record As BSC-Powered Protocols Totaled Billions

0
When will the ‘altcoin season’ happen? Now, says one analyst as Bitcoin’s dominance hits a 6-month low

When will the ‘altcoin season’ happen? Now, says one analyst as Bitcoin’s dominance hits a 6-month low

0
Institutional participation in cryptocurrencies reaches lowest levels since October

Institutional participation in cryptocurrencies reaches lowest levels since October

0
Is it possible to transfer gems from one brawl stars account to another?

Is it possible to transfer gems from one brawl stars account to another?

September 25, 2022
Samsung Galaxy Tab A7 Lite

Samsung Galaxy Tab A7 Lite

September 3, 2022
auriculares LG Tone

Auriculares LG Tone

September 3, 2022
Oukitel WP5000

Oukitel WP5000

September 3, 2022

Recent News

Is it possible to transfer gems from one brawl stars account to another?

Is it possible to transfer gems from one brawl stars account to another?

September 25, 2022
Samsung Galaxy Tab A7 Lite

Samsung Galaxy Tab A7 Lite

September 3, 2022

Categories

  • Bitcoin
  • Blockchain
  • Business
  • Ethereum
  • Guide
  • Market
  • Promotion
  • Regulation
  • Review
  • Ripple
  • Uncategorized
  • About
  • FAQ
  • Support Forum
  • Landing Page
  • Buy JNews
  • Contact Us

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2023 JNews - Premium WordPress news & magazine theme by Jegtheme.