US Bank Deploys Cryptocurrency Storage Service

US Bank has joined the cryptocurrency Stampede and launched a storage and storage service for institutional investors.

This service is intended for investment companies that have private funds in the United States or the Cayman Islands and need a custody solution for holding cryptocurrencies. The US Bank said it was initially deployed for Bitcoin, but additional coin support will soon be available.

Nydig was the first cryptographic sub-custodian announced on the bank’s provider network.

Gunjan Kedia, Vice President of US Bankwealth Management and Investment Services, said: “Our funds and institutional clients have accelerated their plans to offer cryptocurrencies. In response, we have prioritized accelerating our ability to provide custody services.”

US banks are joining a number of financial institutions to extend their traditional role as intermediaries in the storage of stock certificates and the like to new areas of digital assets.

The permission of regulated banks to provide cryptographic control in the United States was approved by the Office of the Comptroller of the Currency (OCC) last July.

Kedia said: “The environment is complex, the regulatory environment is evolving, and the technology platform is in its infancy. Our clients want services that meet US Bank’s exceptional quality and risk management standards.”

US Bank Deploys Cryptocurrency Storage Service

Source link US Bank Deploys Cryptocurrency Storage Service

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