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Bank of America launches crypto custody service amid strong demand from institutional clients

The United States Bank (US Bank) – Bank of America has launched its crypto-custody services. “Investor interest in cryptocurrencies and demand from our fund service customers has increased dramatically in recent years,” said the bank.

Bank of America Cryptocurrency Custodial Service is up and running

Bank of America announced Tuesday that its crypto-custody services are now live and available to their Global Fund Services customers.

“These services are aimed at institutional investment managers with private funds in the US or the Cayman Islands who want a custody solution for Bitcoin and some additional Altcoins soon.”

New York Digital Investment Group (NYDIG) was the first announced custodian in the bank’s provider network. NNYDIG is Stone Ridge Asset Management’s bitcoin investment arm.

Gunjan Kedia, Vice President of Investment Services and Wealth Management, Bank of America commented:

“Investor interest in cryptocurrencies and demand from our fund service customers has increased dramatically in recent years. Our institutional and depository customers have accelerated their crypto offering, and we are prioritizing accelerating our depository offering. ”

Bank of America first established the Blockchain and Cryptocurrency Practice Group in 2015 when the price of BTC was less than $ 200. You have also been selected to manage the NYDIG Bitcoin ETF pending SEC approval.

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Sun Wu

According to NewsBitcoin

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Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.