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5th Largest US Bank To Offer Cryptocurrency Services

5th Largest US Bank To Offer Cryptocurrency Services

U.S. Bank announced in a blog post that it will launch three cryptocurrency offerings to its clients. The bank joins other traditional finance institutions like the New York Mellon (BNY Mellon) in joining the crypto space.  

U.S. Bank's Blockchain and Cryptocurrency Practice was established in 2015 when the crypto price was less than $200. The price of crypto today shows that the market is poised to grow, and traditional finance is catching up.

U.S. Bank Committed To Grow In Crypto Market

As the crypto market continues to grow, institutions like the U.S. Bank are gearing up to keep pace. They have a cross-functional that supports a crypto/blockchain strategy. The digital, technology, and product experts have been planning, testing, and strategizing behind the scene. 

Christine Waldron, chief strategy officer for U.S. Bank Global Fund Services, states,

"I am proud of how we came together from all areas of bank and brought forward our best thinking across our digital capabilities, product development, and technology to drive innovation in our Blockchain and Cryptocurrency practice."

She further stated that they have been active in this space for years, ensuring that the bak was best situated to serve their institutional clients. The latest initiatives demonstrate the bank's ongoing commitment and enthusiasm to grow in the crypto market.

Three New Offerings For Clients

U.S. Bank has announced three initiatives to support their client's needs surrounding digital assets. The initiatives include new products and services, strategic relationships, and client wins in the cryptocurrency space.

U.S. Bank Global fund will offer a new cryptocurrency custody product. This is for customers with the engagement of a sub-custodian for fund servicing. The bank is currently finalizing sub-custodian selection and will be announcing the details once internal reviews are final.

The bank recently announced its investment in Securrency, a developer of institutional-grade blockchain-based financial and regulatory technology. One of the leading investors in the project's last round of funding was U.S. Bank, denoting the bank's interest in establishing strategic relationships. 

U.S. Bank has been selected to administer NYDIG's ETF bitcoin fund this year, pending regulatory approvals. This will help the bank build and expand its long-standing private fund servicing relationship with NYDIG.

US TradeFi Opening Up To Crypto 

Leading traditional finance institutions like Goldman Sachs and Morgan Stanley announced recently that they will be offering private clients access to Bitcoin funds. Reports state that JP Morgan Chase is set to provide a similar service to specific clients.

Waldron adds,

"Recent acceleration of investor interest, market adoption, and regulatory guidance opens new opportunities for banks to continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency. And, we're taking an approach that ensures proper risk management and controls are in place to effectively offer these types of products in a safe and secure way."

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.