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US Bank Launches Crypto Custody With NYDIG Backing
The service will support private funds holding BTC, BCH and LTC, with an ETH option in the works, a source told CoinDesk.
U.S. Bank on Tuesday launched its cryptocurrency custody program with NYDIG, a major bitcoin investment firm, helping out.
Crypto plans from the fifth-largest bank in America were first teased in April.
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The new service supports institutional crypto funds invested in bitcoin, bitcoin cash and litecoin, according to a source. It will only be open to private fund managers in the U.S. and the Cayman Islands. NYDIG will handle their private keys as the bank’s sub-custodian.
It’s not the first time the pair have tied up. Minnesota-based U.S. bank agreed to serve as administrator for NYDIG’s planned bitcoin exchange-traded fund in April, as CoinDesk previously reported.
“Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services,” Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services, said in a press release.
Read more: US Bank Selects Cryptocurrency Custodian, Wins Admin Role for NYDIG’s Bitcoin ETF
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
