US bank allows Bitcoin attitude service for institutional customers because demand increases
US bank allows Bitcoin attitude service for institutional customers because demand increases
The US Bank-the fifth largest private customer bank in the United States-introduces a crypto-custody service that is available to fund managers, because more and more institutes are fighting to meet customers demand for cryptocurrencies.
potential space for several of coins
The messages first reported from CNBC, announced that the US Bank has worked with the New York Digital Investment Group (Nydig) to provide cryptod services for Bitcoin, Litecoin and Bitcoin Cash. The support for other cryptocurrencies such as Ether (Ethereum) will be introduced in the near future.
The new initiative comes one year after the Office of the Compotroller of the Currency (OCC)-an independent office of the US Ministry of Finance-published a paper that permits National banks offer the storage of crypto-assets.
Gunjan Kedia, a senior employee in the US bank's asset management department, interviewed the company's largest customers after their interest in cryptocurrencies. Their results showed a growing interest in Digital Asset Services.
In addition, customers wanted the bank to "act quickly" because other financial institutions already offer cryptodic services such as depot and Bitcoin trade funds. Kedia also found that several customers already have positions in Bitcoin and other cryptocurrencies.
"Our customers take the potential of cryptocurrency as a diversified asset class very seriously. I don't think there is a single asset manager who is not thinking about it." - Kedia told CNBC in an interview
The demand of institutional customers for crypto is higher than ever
The US bank said that crypto custody will be available to institutional managers by private means in the USA or on the quay islands, since the Securities and Exchange Commission (Sec) still has to approve a Bitcoin ETF. The demand was so great that Kedia added that some customers want to sign custody contracts when the SEC finally approved a crypto ETF.
The boom for digital assets and blockchain technology in the traditional financial system had its critics. Nevertheless, most institutional investors have recognized their potential applications for their companies. This is the case with the Arab Bank Switzerland, the span data-preserver-spaces "> recently activated its customers, XTZ, the native utility tokens of Tezos, to save and act.
The financial giant Bank of America was one of these institutions that recognized the potential of cryptocurrencies. Like crypto potato Data-Preserver-Spaces = "True">, the multinational group recently has a report with the title " Digital assets primer: only the first inning" that digital assets and the decentralized financial space have grown to such an extent that they have " too great to ignore them.
Selected image with the kind permission of the USBank .