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Fifth largest bank in the US to allow bitcoin custody for institutional clients

Fifth largest bank in the US to allow bitcoin custody for institutional clients

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Answer Fifth largest bank in the US to allow bitcoin custody for institutional clients

The demand and adoption of encrypted digital currencies has become the preferred destination for many financial companies, whether small or large, old or new.

The United States Bank, the fifth largest retail bank in the United States, has launched a crypto custody service for fund managers as more institutions race to meet their customers’ demand for cryptocurrency.

Fifth largest bank in the US to allow cryptocurrency custody:

According to report Issued by “CNBC”, the US Bank has partnered with “New York Digital Investment Group” (NYDIG) to provide crypto services for a number of cryptocurrencies, represented in:

Bitcoin, Litecoin and Bitcoin Cash.

Read:A new platform that offers its services in a different way and attracts more than half a million people before the official launch

Support for other cryptocurrencies such as Ethereum will be rolled out in the near future.

The new initiative comes a year after the Office of the Comptroller of the Currency (OCC), an independent office within the US Treasury, issued a paper allowing national banks to provide crypto-asset storage services.

Kongan Kedia, a senior executive in the US Bank Wealth Management Department, conducted a survey of the company’s largest clients for their interest in cryptocurrencies.

The results showed a growing interest in cryptocurrency services.

Additionally, customers wanted the bank to move quickly because other financial institutions were already offering cryptocurrency services, such as custody and bitcoin exchanges.

Kedia also found that many customers already have positions in Bitcoin and other cryptocurrencies, commenting:

Our clients are getting very serious about the potential of cryptocurrency as a diversified asset class.

I don’t think there is a single asset manager who is not thinking about it right now.

Institutional demand for cryptocurrency is higher than ever:

The US bank said that crypto custody will be available to institutional managers with private funds in the US or the Cayman Islands, where the Bitcoin ETF has not yet been approved by the Securities and Exchange Commission (SEC).

Read:Analysis: Death Cross Appears on Bitcoin Chart…What does this mean?

Demand has been so high that Kedia added that some customers want to sign custodianship contracts if the SEC finally approves a crypto ETF.

Read:DigiByte Founder: These Are Binance Requests to List Overpriced DGB Cryptocurrency

The boom in digital assets and blockchain technology in the traditional financial system has had its critics.

However, most institutional investors are aware of the potential use cases for their businesses.

The same is the case with the Swiss Arab Bank, which recently enabled its clients to store, allocate and trade the XTZ digital currency.

The financial giant “Bank of America” was one of those institutions that realized the potential of cryptocurrencies, as they changed their attitude and view towards them, which we discussed in Arab Bitcoin yesterday.

Read also:

Trading volume on Binance increased in September despite regulatory tightening

Crypto Circle (who is behind the USDC stablecoin) is under investigation by the SEC


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