US Bank launches bitcoin custody service

U.S. Bank, the fifth-largest retail bank in America, has announced its cryptocurrency custody service is now available to fund managers. The offering will help investment managers store private keys for bitcoin, bitcoin cash, and litecoin with assistance from NYDIG.

According to Gunjan Kedia, vice-chair of the bank’s wealth management and investment services division, support for other cryptoassets like ethereum is expected over time. The move sees U.S. Bank join the likes of Bank of New York Mellon, State Street and Northern Trust in offering cryptocurrency custody services.

“Our clients are getting very serious about the potential of cryptocurrency as a diversified asset class. I don’t believe there’s a single asset manager that isn’t thinking about it right now,” Kedia was quoted saying:

U.S. Bank was founded during the Civil War in 1863 and has over $8.6 trillion in assets under custody and administration.