U.S. Bank, which is part of the U.S. Bancorp and recognized as the fifth-largest bank in the United States, has said it will offer a new cryptocurrency custody product through a partnership with a sub-custodian that they are yet to name.

With this, the Minneapolis-based lender has taken another huge step into the Bitcoin (BTC) business following its strategic investment in crypto infrastructure company, Securrency.

Moreover, the financial institution has also announced that it has been selected to manage the Bitcoin Exchange-Traded Fund (ETF) of NYDIG should regulators decided to approve it. The decision was said to be built based on the bank’s long-standing private-fund servicing partnership with the leading technology and services company dedicated to Bitcoin.

Institutional moves for crypto

Institutional crypto has been on a bullish run this week, not running out of significant developments.

For example, JPMorgan has followed in the steps of fellow institutions Morgan Stanley and Goldman Sachs to offer Bitcoin (BTC) funds to certain clients. But while the Wall Street initiators have been gaining most of the attention brought by developments in digital assets, U.S. Bank has been on the silent move and, since 2015, has been diligently working with blockchain technology.

In the days that have passed, many significant entities have helped push the mainstream adoption of crypto.

Process of selection made faster

According to CoinDesk, U.S. Bank Strategy Chief Christine Waldron said the process of selecting a crypto custody provider was greatly accelerated last year when the Office of the Comptroller of Currency (OCC) announced the “authorization of cryptocurrency custody for national banks.”

The bank official also said that in terms of the “flavors” of crypto that they will serve, it wouldn’t just be a Bitcoin (BTC) storyline, hinting that they might be open for other products as well.

“What we’re trying to do is create a scalable infrastructure that the investment management community who runs these funds can leverage,” Waldron said.

Image courtesy of Cointelegraph News/YouTube

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Source: https://bitcoinerx.com/blockchain/u-s-bank-fifth-biggest-in-america-to-offer-crypto-custody-product/