U.S. Bank said it restarted cryptocurrency custody offerings for institutional investment managers, broadening the service to include bitcoin exchange-traded funds (ETFs).
The program, first rolled out in 2021 and put on hold in 2022, is available on an early access basis through U.S. Bank’s Global Fund Services division, the bank said Wednesday.
Custody operations will be supported by NYDIG, which is acting as the bank’s sub-custodian for bitcoin.
Stephen Philipson, vice chair of U.S. Bank Wealth, Corporate, Commercial and Institutional Banking, said the move was prompted by renewed regulatory clarity.
“We’re proud that we were one of the first banks to offer cryptocurrency custody for fund and institutional custody clients back in 2021, and we’re excited to resume the service this year,” he said in the release.
NYDIG CEO Tejas Shah framed the partnership as a way to bring institutional-grade safeguards to bitcoin access. “Together, we can bridge the gap between traditional finance and the modern economy,” he said.
U.S. Bank had over $11.7 trillion in assets under custody and administration as of June 30. Its services span ETFs, fund custody, fund administration, corporate trust and wealth management.
