US bank holding company US Bank revealed this week that it plans to offer crypto currency custody services. The fifth largest banking institution in the United States did not communicate availability dates but specified that these are three crypto services they are working on.
As reported in an official publication of the entity, the bank will offer a “new crypto currency custody product for clients with the hiring of a sub-custodian for the fund service.” At the moment, the company is finalizing the arrangement for a sub-custodian, in addition to being in strategic relationship negotiations.
“The entity recently announced an investment in Secrecy, an institutional grade blockchain-based financial and regulatory technology developer and will also work with NYDIG’s exchange-traded fund.”
Christine Waldron of US Bank highlighted her financial institution for its innovative practices: “I am proud of how we come together from all areas of banking and present our best ideas on our digital capabilities, product development and technology to drive innovation in our blockchain and crypto currency practice.”
During the first week of January 2021, the Office of the Comptroller of the Currency (OCC) revealed that national banks and savings associations in the US could deal with public stablecoins and blockchains. Following that announcement, the oldest bank in the United States, Bank of New York Mellon (BNY Mellon), revealed in mid-February the creation of a digital currency unit.