The fifth largest US bank that, in partnership with NYDIG, has started offering Bitcoin custody, but also custody services for Litecoin and Bitcoin Cash. So keep reading on our latest crypto news today.
The fifth largest U.S. bank has started offering crypto custody services for Bitcoin, Litecoin, and Bitcoin Cash, with plans to add support for ETH and other coins in the future. Bank of America is the fifth largest banking institution in the US and has announced that it has launched a custody service for Bitcoin so that now all institutional investment managers who have private funds in the Cayman Islands can use the service of a bank to get their private keys to save.
As institutional investors’ interest in cryptocurrencies is growing, we look forward to partnering with @NYDIG_BTC to provide our customers with an industry leading secure storage solution for Bitcoin. Learn more: https://t.co/xcNquYAzYI pic.twitter.com/VxE9CYqS8g
– Bank of America (@usbank) October 5, 2021
The bank is partnering with financial services and technology firms New York Digital Investment Group or NYDIG as the first sub-custodian for the services, while previously being tasked with managing the BTC ETF as planned. NYDIG or exchange traded funds are pending approval from US securities and exchange commission. Bank of America currently offers custody services for Litecoin, Bitcoin Cash and Bitcoin, according to CNBC, and plans to add Ethereum and other coins over time, said Gunjan Kedia, vice president of Wealth Management Services.
Bank of America announced plans to hold crypto assets in April, as it wrote at the time that details would be revealed in a few weeks. The company also invested in blockchain infrastructure technology company Securrency earlier this year. Kedia said:
“Investor interest in cryptocurrencies and demand from our fund service customers has increased dramatically in recent years. Our institutional and custodian customers have accelerated their crypto offering, and in response, we are prioritizing accelerating our custody offering. “