U.S. Bank on Tuesday launched its cryptocurrency custody program with NYDIG, a major bitcoin investment firm, helping out.
Crypto plans from the fifth-largest bank in America’s were first teased in April.
The new service supports institutional crypto funds invested in bitcoin, bitcoin cash and litecoin, according to a source. It will only be open to private fund managers in the U.S. and the Cayman Islands. NYDIG will handle their private keys as the bank’s sub-custodian.
It’s not the first time the pair have tied up. Minnesota-based U.S. bank agreed to serve as administrator for NYDIG’s planned bitcoin exchange-traded fund in April, as CoinDesk previously reported.
“Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services,” Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services, said in a press release.