The US Bank, the fifth largest bank in the United States, has resumed its cryptocurrency management operations after a four-year break.
The bank provides custody of Bitcoin and supports funds (ETFs) traded on the exchange. These services are intended for institutional investment managers with registered or private funds.
US Banks will reissue Bitcoin and ETF services
US BankCorp has rebooted its custody service with a new focus on Bitcoin and Bitcoin ETFs. The initiative is designed to provide institutional fund managers with secure, regulated access to digital assets. It marks the most important new step since the bank gained civic custody in 2021.
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US Bank vice-chairman Stephen Philipson said the reboot highlights its commitment to institutional investors.
“This is to provide fund managers with reliable custody and management of Bitcoin ETFs, which we see as the heart of institutional demand,” he said.
US BankCorp introduced custody of digital assets in 2021, covering Bitcoin, Ethereum, Litecoin, Bitcoin Cash and other altcoins. However, the service was forced to grant Staff Accounting Listing Officer No. 121 of the Securities and Exchange Commission to grant crypto assets on the balance sheet and was suspended the following year to make custody services financially burdened.
The move reflects changes in regulations under the Trump administration and increased institutional demand for secure Bitcoin services. In August, the Federal Reserve ended its supervision program, which since 2023, had been monitoring banks who were engaged in crypto. “De-canking of code. ”
Team up with NYDIG to strengthen Bitcoin custody
US Bancorp will join other major financial institutions, including BNY Mellon and State Street, to provide custody of regulated digital assets. Analysts hope that the move will strengthen competition as institutional demand for Bitcoin ETFs accelerates.
The US Bank is partnering with the New York Digital Investment Group (NYDIG), an institution specializing in Bitcoin-centric financial services and infrastructure, to manage its operations. Nydig CEO Tejas Shah said the collaboration reflects the bank’s ambitions to connect traditional funds with digital assets.
“Together, we can bridge the gap between traditional finance and modern economies by promoting access to global fund services clients to Bitcoin as sound money.
