Benzinga | Oct 5, 2021 06:34PM EDT

Ready For Takeoff? US Bank Launches Crypto Custody

U.S. Bancorp's (NYSE:USB) bank, U.S. Bank, is launching its own cryptocurrency custody service aimed at institutional investors in partnership with New York Digital Investment Group (NYDIG).

See Also: Learn about Cryptocurrency

What Happened: According to a Tuesday CNBC report, U.S. Bank partnered with NYDIG to provide custody services for Bitcoin (CRYPTO: BTC), Bitcoin Cash (CRYPTO: BCH) and Litecoin (CRYPTO: LTC).

Gunjan Kedia, a senior executive at U.S. Bank's wealth management and investment division, told the news outlet that support for other cryptocurrencies such as Ethereum (CRYPTO: ETH) will be added at a later time.

This detail is surprising given that recent research reveals that fund managers appear to be more bullish on Ethereum than they are on Bitcoin.

The report follows State Street Corp (NYSE:STT) partnering with Lukka to roll out digital and cryptocurrency asset fund administration capabilities for the firm's private funds clients. Similarly, Bank of New York Mellon Corp (NYSE: BK) -- the oldest bank in the United States -- announced its Bitcoin and digital assets services back in February.

See Also: Is Cryptocurrency a Good Investment?

Photo: Courtesy U.S. Bank