On Tuesday, US Bank announced that its Crypto Custody services are live and available (to its Global Fund Service clients).
The announcement revealed that these services aim at institutional investment managers with private funds (in the United States and the Cayman Islands).
Additionally, these managers will help them safely keep their Bitcoin. The team also revealed that there is additional coin support in the works.
In April, the company announced that they will launch three Crypto offerings, including:
- Custody Service (is currently available)
- Securrency investment Administration of NYDIG’s ETF Bitcoin fund
- Securrency Investment
The Securrency is a technology products company that enables efficiency in the market, security, and compliance tools to issuers, broker-dealers, and alternatives.
In April, U.S. Bank and State Street backed a three-million-dollar raise for Securrency. According to Securency CSO Patrick Cosmos, US Bank is “massive” and makes less noise with a very serious and clever team.
The bank said that it would also use this opportunity to give its clients satisfaction. Additionally, the partnership will adopt tokenization- a future core technological feature in the investment servicing industry.
Administration of NYDIG’s ETF Bitcoin Fund
NYDIG stands for New York Digital Investment Group LLC. It is a financial and technological service firm purely dedicated to BTC.
In February, NYDIG filed with the SEC for a Bitcoin ETF(Exchange-Traded Fund). An ETF has the advantage of making Crypto mainstream and resulting in their broadening and acceptance.
Sadly, however, the Securities Exchange Commission has received and rejected all BTC-based ETFs in the past. Despite this, the company remains hopeful that theirs would be the first the agency approves in the US.
The SEC’s goal is to protect investors by administering federal security laws. Other roles of the SEC include Ensuring fairness and honesty in markets and regulating security markets.
Currently, the lack of regulation in the crypto market might be a significant barrier.
Despite this, Crypto enthusiasts are optimistic that the agency will approve these ETFs next year.
What is the US Bank?
Based in Minneapolis, Minnesota, US Bancorp is an American bank holding company. The company is the 5th largest banking institution in the US.
There are more than 70,000 workers employed and over 600 billion-dollar assets in US Bancorp. Additionally, the company serves local, national, and international clients.
The US bank is a subsidiary of US Bancorp.
The bank started its Crypto practice in 2015 when the price of BTC was below two hundred dollars. Currently, the cost of Bitcoin has multiplied to around 50 000 dollars.
Conclusion
In summary, the US bank is slowly ticking tasks off their bucket list. For instance, the bank’s Crypto Custody Services are live, and they hope the SEC approves their BTC- based ETF fund.
Stay with us for more updates on the story as it unfolds.