CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 82.67% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money

US Bancorp moves higher on NYDIG bitcoin partnership

By Kevin Donovan

15:00, 5 October 2021

US Bank phone app
US Bank phone app - Photo: US Bancorp

US Bancorp shares rose Tuesday after the fifth-largest American bank ranked by deposits announced a partnership with bitcoin custody solutions manager NYDIG.

The venture is aimed at institutional clients with funds in the US or Cayman Islands. NYDIG is the first cryptocurrency sub-custodian in US Bank’s provider network. Sub-custodians are third-party specialists in digital asset custody that help their clients provide digital asset services to their customers.

Minneapolis, Minnesota-based US Bancorp is the parent of US Bank. US Bancorp was trading at $61.59 at mid-day Tuesday, up 1.43% from Monday’s $60.53 closing share price.

Investor interest growing

“Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years,” US Bank Wealth Management and Investment Services chair Gunjan Kedia said in a press release. “Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency, and in response, we made it a priority to accelerate our ability to offer custody services.”

NYDIG will provide security key storage for US Bank’s investment manager network, first solely for bitcoin, but with plans to support additional crypto assets, the company added.

XRP/USD

0.70 Price
+2.150% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.01168

DOGE/USD

0.39 Price
+3.080% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 0.0012872

ETH/USD

3,228.70 Price
+2.360% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 6.00

BTC/USD

90,005.65 Price
+1.580% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 22:00 (UTC)
Spread 106.00

“NYDIG is excited to partner with US Bank to provide its customers with a custody solution that meets the highest security, compliance and regulatory standards,” said NYDIG co-founder and CEO Robert Gutmann in the same release.

What is your sentiment on USB?

51.23
Bullish
or
Bearish
Vote to see Traders sentiment!

Early adopter

US Bank was an early adopter in the crypto asset class, establishing its Blockchain and Cryptocurrency Practice in 2015, the company noted. US Bank had been seeking a custodian subcontractor for bitcoin and other cryptocurrencies since April.

NYDIG is a technology-focussed financial services company that offers cryptocurrency-related logistical and security services. NYDIG is a wholly owned subsidiary of New York-based private equity firm Stone Ridge Asset Managers.

Follow the US Bancorp chart live with Capital.com to stay on top of the current price and spot the best trading opportunities.

Read more: bn asset manager calls bitcoin its 'primary treasury reserve asset'

Markets in this article

USB
US Bancorp
51.23 USD
0.39 +0.770%

Related topics

Rate this article

Capital Com is an execution-only service provider. The material provided in this article is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by Capital Com or its agents and has not been prepared in accordance with the legal requirements designed to promote investment research independence. While the information in this communication, or on which this communication is based, has been obtained from sources that Capital.com believes to be reliable and accurate, it has not undergone independent verification. No representation or warranty, whether expressed or implied, is made as to the accuracy or completeness of any information obtained from third parties. If you rely on the information on this page, then you do so entirely at your own risk.

Still looking for a broker you can trust?

Join the 660,000+ traders worldwide that chose to trade with Capital.com

1. Create & verify your account 2. Make your first deposit 3. You’re all set. Start trading