U.S. Bank launches cryptocurrency custody services for money managers

U.S. Bank (NYSE:USB) introduces cryptocurrency custody services to its global funds services clients as "our fund and institutional custody clients have accelerated their plans to offer cryptocurrency," said Gunjan Kedia, vice chair of U.S. Bank Wealth Management and Investment Services. The services are targeted towards institutional investment managers with private funds in the U.S. or Cayman Islands, the company said. NYDIG, a fintech business dedicated to bitcoin (BTC-USD), is the first crypto sub-custodian announced in the bank's network of providers. Shares of USB rise 1.3% in early trading. Previously, (April 17) U.S. Bank offers a new crypto custody product.