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Currently, U.S. Bank is bringing custody services for Bitcoin, Bitcoin Cash and Litecoin. A company executive reveals the information.
U.S. Bank is the fifth-largest retail bank in the United States. More so, on Tuesday announces the launching of a cryptocurrency custody service. This is specifically in design for institutional investors, as in setting the stage for massive mainstream adoption of digital assets.
Furthermore, CNBC reports the U.S. Bank is in partnering with New York Digital Investment Group, or NYDIG. Additionally, this is to provide custody services for Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC).
So, Gunjan Kedia is a senior executive at U.S. Bank Wealth Management and Investment Division. He reveals that Ether will receive support too as they’ll roll out other cryptocurrencies soon.
Institutional Investors Crypto Exposure with Bank
Meanwhile, Fund managers and other institutional investors continues increasing their exposure to cryptocurrencies. Notably, the participation growth level is impressive since the May 2020 Bitcoin halving event. Which of course, sets bullish sentiment for the leading digital asset. Also, on the bigger picture, for other cryptocurrency market.
Grayscale Bitcoin Trust is trading under the ticker symbol GBTC. Furthermore, It’s now gaining popularity and acceptance as the best platform for institutional investors. Also, the U.S. investment bank Morgan Stanley doubles its GBTC holdings since April. As per the information given. More so, It goes on to add more BTC exposure to 12 investment funds in April 2021.
However, U.S. Bank is only joining the massive picture of other players offering crypto custody services. For example, some of the bug game players are State Street, Bank of New York Mellon and Northern Trust. As they have announces cryptocurrencies custody considerations in motion.
Conclusively, Institutional interest is likely to grow and get massive with this recent projects. Note that on Tuesday, the cryptocurrency market total capitalization settles at $2.3 trillion as Bitcoin is reclaiming $50,000.