US Bank launches Bitcoin custody service as institutions race to cater to crypto demand

The race to US Bank support business organizations that want to fight the heat of cryptocurrency is heating up.

US Bank of America, the fifth-largest bank in the world, announced on Tuesday that it would be available to provide financial assistance, support financial analysts, and initial reports.

The program helps financial managers secure the secret keys of bitcoin, Bitcoin currency, and bitcoins with assistance from the NYDIG trustee, according to Gunjan Kedia, vice chairman of asset management services and financial services. Support for other currencies such as ethereum is expected over time, Kedia said.

This move is a very recent sign that farmers have already started receiving investment funds as an active asset class. In the banking sector, which announces and secures billions of dollars of anti-money laundering assets, major players including New York Mellon Bank, State Street, and Northern Trust have announced their plans to take over asset assets. -Color.

“Our customers are even more appreciative of their ability to save money at different levels,” Kedia said in an interview. “I don’t believe there’s a single asset manager who doesn’t think about it right now.”

Bank of America, founded during World War I in 1863, is one of ten players standing, with assets over $ 8.6 billion.

After regulators released a document last year confirming that state-owned banks could handle cryptocurrency, Kedia surveyed the company’s customers to see if their profits were genuine. He noted that crypto interest is widespread and is not limited to players and requires people who want a bank to move faster.

“What we have heard on board, even if all the money is not living – there may not be a place for thousands of dollars – has to do with the capacity for this. Science can be smart enough to sustain support,” he said.

Some customers already have positions in bitcoin, while others wait for the services to begin, he said. The U.S. The bank is one of the first organizations to offer life insurance, said Kedia.

The price of bitcoin has reached this year, rising to an all-time high of about $ 688 in October but lost half of its value next month. But the first financial indicator proved to be strong: China’s move to control digital currency failed last month, and early Tuesday reached another $ 50,000.

Something is interesting about the fact that although bitcoin is designed to promote drivers, it is still rebuilding the current price currencies forcing digital numbers. Alternatively, financial managers may choose to keep their cryptocurrency keys. But judges are being asked to have unequal registration as in the U.S.

While I am still in control of the products of kristpto, the Bank of America must investigate the origins of the patient’s finances through the usual method of fraud and money laundering. “Know Your Customer”.

The product is for commercial and independent retailers in the US or Cayman Islands only, according to the bank. But as long as the U.S. accepts it. Securities and Exchange Commission bitcoin ETF, expected to come out.

“We have a lot of money that we are hoping to invest in ETFs,” Kedia said. “Some require visual contracts signed on the date the SEC approves the ETF.”

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