Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
Key Takeaways
Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥
US Bancorp, a multinational financial services company, is restarting its crypto custody service, according to a report by Bloomberg on September 3.
This decision follows a recent regulatory adjustment that eased capital restrictions on banks dealing with digital assets.
The bank had first introduced its crypto custody solution in 2021 through a partnership with NYDIG. However, the service was paused after guidance from the Securities and Exchange Commission (SEC) required banks to hold extra capital on their balance sheets when handling crypto.
Did you know?
Subscribe - We publish new crypto explainer videos every week!
What is a DAO in Crypto? (Animated Explanation)
That requirement was rolled back during President Donald Trump's current administration, which prompted the bank to pick up where it left off.
Stephen Philipson, who leads US Bancorp’s institutional division, said the bank already had a clear plan in place.
He noted that while they are restarting with custody for Bitcoin
The initial focus is on helping registered investment funds and Bitcoin exchange-traded fund (ETF) providers securely store their digital holdings. By taking this step, US Bancorp is positioning itself to serve clients in a market that’s becoming more active and regulated.
Rain and M0 recently secured nearly $100 million in venture funding as interest in programmable money rises. What did the two companies say? Read the full story.
To ensure the highest level of accuracy & most up-to-date information, BitDegree.org is regularly audited & fact-checked by following strict editorial guidelines & review methodology.
Carefully selected industry experts contribute their real-life experience & expertise to BitDegree's content. Our extensive Web3 Expert Network is compiled of professionals from leading companies, research organizations and academia.