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US Bank Launches Crypto Custody With NYDIG Backing

US Bank Launches Crypto Custody With NYDIG Backing

US Bank Launches Crypto Custody With NYDIG Backing

The service will support private funds holding BTC, BCH and LTC, with an ETH option in the works, a source told CoinDesk.

The service will support private funds holding BTC, BCH and LTC, with an ETH option in the works, a source told CoinDesk.

The service will support private funds holding BTC, BCH and LTC, with an ETH option in the works, a source told CoinDesk.

AccessTimeIconOct 5, 2021, 5:25 PM
Updated May 11, 2023, 5:48 PM
(Luke Sharrett/Bloomberg)
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U.S. Bank on Tuesday launched its cryptocurrency custody program with NYDIG, a major bitcoin investment firm, helping out.

Crypto plans from the fifth-largest bank in America were first teased in April.

The new service supports institutional crypto funds invested in bitcoin, bitcoin cash and litecoin, according to a source. It will only be open to private fund managers in the U.S. and the Cayman Islands. NYDIG will handle their private keys as the bank’s sub-custodian.

It’s not the first time the pair have tied up. Minnesota-based U.S. bank agreed to serve as administrator for NYDIG’s planned bitcoin exchange-traded fund in April, as CoinDesk previously reported.

“Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services,” Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services, said in a press release.

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Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


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