“US Bank launches bitcoin custody service as institutions race to cater to crypto demand”
October 5, 2021
“…U.S. Bank, the fifth biggest retail bank in the nation, is expected to announce Tuesday that its cryptocurrency custody service is available to fund managers, CNBC has learned.
The offering will help investment managers store private keys for bitcoin, bitcoin cash and litecoin with assistance from sub-custodian NYDIG, according to Gunjan Kedia, vice chair of the bank’s wealth management and investment services division. Support for other coins like ethereum is expected over time, Kedia said.
The move is the latest sign that established financial players are beginning to accept cryptocurrencies as a legitimate asset class. In the realm of custody banks, which verify and safeguard trillions of dollars of traditional assets for money managers, major players including Bank of New York Mellon, State Street and Northern Trust have all announced plans to custody digital assets…”
Just remember if the supply chain breakdown and labor shortage starts to effect power grids bitcoin will lose value. No electricity means no internet. No internet means no cryptocurrency. I’m invested in cryptocurrency as well. I just saying be aware of the risks.
Also why would anyone go through a bank when the entire point of cryptocurrency is to be anonymous? Doesn’t seem like a good idea to me.