One of the largest US banks will work with cryptocurrencies

U.S.Bank, the fifth largest commercial bank in the United States, is preparing to offer customers a service for working withcryptocurrencies, CNBC reports.

Investment managers will be able to keep in the bankprivate keys from Bitcoin, Bitcoin Cash and Litecoin wallets. Support for other cryptocurrencies, such as ether, will be implemented at a later date. The product is aimed at institutional managers, managers of private funds in the United States and the Cayman Islands. In addition, the U.S. Bank expects to significantly expand the coverage of the service if the Bitcoin ETF is approved in the United States. The service is provided in cooperation with NYDIG.

“Our clients are starting to seriously considercryptocurrencies as an asset class for diversification, said the U.S. Bank. "We believe that there is not a single asset manager left who did not think about it."

U.S.Bank is one of the ten largest custodians of assets in the United States with more than $ 8.6 trillion in capital. Last year, the authorities clarified the capabilities of lending institutions in the storage of digital assets, after which the bank organized a survey. The interest turned out to be significant, and customers asked to launch such a service as soon as possible.

“Many agree that not all currencieswill survive - there may simply not be room for thousands of coins. But this asset class and the underlying technology has potential, so it makes more sense for us to support it. "

Some U.S. customersBanks are already investing in bitcoin, while others are waiting for the service to open. Before connecting the U.S. Bank will verify the origin of the cryptocurrency in accordance with standard identification and anti-money laundering procedures. Bank of New York Mellon, State Street and Northern Trust previously announced their own cryptocurrency storage services.

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