Bitcoin Rally As Major Bank Offers Custody Service
With some of the world’s largest banks offering bitcoin custody, bitcoin bulls are holding above $54K as regulatory uncertainty continues to grow
Aside from that, there have been some favorable comments from U.S. lawmakers about crypto, and there have been reports of whales making large purchases.
In addition to this, Bitcoin is getting pumped like crazy this month, which could have contributed to the decoupling from equities. True believers have embraced “Uptober” as a rallying cry for gains in October on social media.
At the time of writing, the pioneer crypto was trading at $54,835 with a daily trading volume of $48.7 billion. The most popular cryptocurrency is now valued at $ 1.03 Trillion, with 18,836,756 bitcoins in circulation
Global investors’ interest in the world’s most valuable cryptocurrency is rising as the fifth-largest commercial bank in the United States, the “U.S. Bank,” has created a crypto custody service.
Institutional managers managing private funds in the US will be able to use the product.
Kedia, the bank’s vice-chairman for wealth management and investment services, further disclosed that the service “will assist investors in storing private keys for Bitcoin, Bitcoin Cash, and Litecoin with help from NYDIG” and that “support for other coins like Ethereum is expected in the future.”
“Although there may not be room for thousands of coins, we heard from people that we should stand up for blockchain as an asset class and for the technology that underpins it, even if every currency doesn’t survive” he added.
Three U.S. Bank initiatives were announced in April, with the following highlights:
“In conjunction with a sub-custodian for fund servicing, US Bank Global Fund Services will offer a new cryptocurrency custody product for customers.”
“Our sub-custodian selection has been finalized and we will announce additional details once internal reviews have been completed U.S Bank has been selected to administer NYDIG’s ETF bitcoin fund this year, subject to regulatory approval. It builds on the bank’s long-standing relationship with NYDIG for private fund services.”
The Bank of New York Mellon, State Street, and Northern Trust are among other major U.S. financial institutions which have already revealed their plans to support crypto custody.