U.S. 5th Largest Bank 'NYDIG' Now Offers Crypto Custody Services.

U.S. 5th Largest Bank 'NYDIG' Now Offers Crypto Custody Services.

2021-10-06 | Mike Hallen

U.S. 5th Largest Bank 'NYDIG' Now Offers Crypto Custody Services.

US Bank now provides Bitcoin storage services, Bitcoin Cash and Litecoin, according to a company official. On Tuesday, U.S. Bank, the country's fifth-largest trading bank, announced the launch of a cryptocurrency banking service for institutional investors, which might pave the way for the broad acceptance of digital assets.

As CNBC reported, US Bank has collaborated with New York Digital Investment Group, or NYDIG, to provide Bitcoin (BTC), Bitcoin Cash (BCH), and Litecoin (LTC) storage services. Gunjan Kedia, chief executive of the U.S. Treasury and Investment Management Department Bank, told CNBC that support for other cryptocurrencies such as Ethereum (ETH) will be phased out over time. Throughout the year, fund managers and other institutional investors have increased their exposure to cryptocurrencies. Their involvement has increased dramatically since the Bitcoin event in May 2020, which sparked a recovery in the sentiment of digital assets and, as a result, increased the overall cryptocurrency market. The Greyscale Bitcoin Trust, which trades under the GBTC tick mark, has become a popular vehicle for institutional investors. As Cointelegraph reported, American investment bank Morgan Stanley has doubled its GBTC suspension since April. The bank also added BTC disclosure to 12 investment funds in April 2021. The U.S. The Bank is not the first major financial institution to offer crypto storage services; Major players such as State Street, Bank of New York Mellon, and the Northern Trust have also announced plans to keep cryptocurrencies. As the legacy sector grows and matures, institutions are expected to become more interested in cryptocurrencies. The cryptocurrency market hit a high of $ 2.3 trillion on Tuesday, with Bitcoin trying to reclaim $50,000 USD.

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