US Bancorp Revives Bitcoin Custody Services for Fund Managers - Institutional Adoption Accelerates
Wall Street's custody game just leveled up—again.
US Bancorp fires up Bitcoin custody services for fund managers, signaling that traditional finance isn't just dipping toes—it's diving headfirst into crypto.
Why This Move Matters
Big banks playing custodian isn’t new, but relaunching? That’s conviction. Or FOMO. Maybe both.
Fund managers now get a trusted name to hold their Bitcoin—no more hiding keys under digital mattresses.
The Fine Print
Services include cold storage, insurance, and regulatory compliance. Because nothing says 'mainstream' like paperwork.
Bottom Line: If banks are back in the custody biz, maybe crypto winter really is over. Or they just really want those fees.
Custody returns with NYDIG partnership
Inwith crypto firm NYDIG, US Bancorp will provide bitcoin custody solutions for investment managers, including support for Bitcoin exchange-traded funds (ETFs). Dominic Venturo, the bank’s chief digital officer, described the relaunch as part of a broader commitment to innovation:
“Further expanding our capabilities unlocks new opportunities to deliver innovative solutions to those we serve.”
NYDIG CEO Tejas Shah added that the partnership WOULD help “bridge the gap between traditional finance and the modern economy” by giving fund managers access to Bitcoin with institutional-grade security.
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Regulatory clarity clears the path
The custody service was originally introduced in 2021 but suspended after the U.S. Securities and Exchange Commission (SEC) issued accounting rules that made it expensive for banks to hold crypto. That obstacle was removed earlier this year when the SEC rescinded the guidance through SAB 122, creating a friendlier regulatory environment.
