U.S. Bank announced today that it has resumed offering cryptocurrency custody services – originally announced in 2021 – as an early access program to Global Fund Services clients.
The services are intended for institutional investment managers with registered or private funds who seek a secure safekeeping solution for bitcoin. NYDIG, a vertically integrated bitcoin financial services and power infrastructure firm, will act as the bitcoin sub-custodian.
Stephen Philipson, vice chair, U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, said, “We’re proud that we were one of the first banks to offer cryptocurrency custody for fund and institutional custody clients back in 2021, and we’re excited to resume the service this year. Following greater regulatory clarity, we’ve expanded our offering to include bitcoin ETFs, which allows us to provide full-service solutions for managers seeking custody and administration services.”
“NYDIG is honored to partner with U.S. Bank as its primary provider for bitcoin custody services,” said Tejas Shah, CEO of NYDIG. “Together, we can bridge the gap between traditional finance and the modern economy by facilitating access for Global Fund Services clients to bitcoin as sound money, delivered with the safety and security expected by regulated financial institutions.”
Dominic Venturo, senior executive vice president and chief digital officer at U.S. Bank, said, “U.S. Bank has been at the forefront of exploring how digital assets can serve our clients. Further expanding our capabilities unlocks new opportunities to deliver innovative solutions to those we serve. U.S. Bank will continue to drive progress and shape the future of what matters for our clients in digital finance.”