A message posted in a blog by the US Bank suggested that the financial institution intends to become a crypto service provider. Tells that it wishes to inaugurate crypto custodial services for its customers. Christine Waldron, who is the Chief Strategist at the bank’s Global Fund Services said that this is a positive step towards capitalizing on benefits from the crypto and blockchain universe.
As per its fresh policy, the Office of the Comptroller of the Currency (OCC), duly allowed US national banks to use stablecoins. In addition, OCC allowed the banks to engage with only those blockchains which are public. It seemed as if the US Bank was waiting for such approval as soon after OCC’s announcement, the bank revealed its plans of joining the crypto industry.
US Bank’s crypto initiative was duly informed to the general public through a blog post which was published on Tuesday, 27th April 2021. It was indicated by the US Bank that the bank is desirous of launching its self-developed and issued crypto product. In addition, the bank informed that along with the crypto product, it has plans for hosting crypto custodial services as well. However, for hosting custodial services, the bank informed that it will take on board a sub-custodial for the said services. The bank added that currently, the bank is looking at various sub-custodial service providers. Once the bank is able to find a suitable partner, then a proper agreement will be executed between the two, informed the US Bank.
Before US Bank, it was the United States’ oldest and 5th largest bank namely Bank of New York Mellon, which too indicated crypto initiative. It was after 15th February 2021 when Bank of New York Mellon revealed that it has joined the digital asset industry. In fact, the bank told expressly that it has already established a unit for crypto facilitation.
But currently, the US Bank has not indicated the exact time and date when it will be able to launch its crypto services.
Yet lately the US Bank had acquired a stake in a company known as Securrency. This company is known for developing regulatory and financial technologies on the basis of blockchain for institutional clients. The US Bank revealed further that it has already partnered with NYDIG for the purposes of its crypto services. Meanwhile, US Bank was also handpicked for supervising NYDIG’s intended Exchange Trade Fund for Bitcoin. However, NYDIG’s fund is still under the process of approval from the relevant authority.
Christine Waldron express her gratitude towards her employer and suggested that this is a landmark move taken by the bank. She said that the US Bank is one of the best in the US when it comes to serving its customers financially. The recent move also guarantees US Bank’s customers towards its customers who have an appetite for crypto, said Waldron.