U.S. Bancorp has relaunched its Bitcoin custody services in partnership with NYDIG, focusing on institutional clients after the rollback of SEC SAB 121.
Relaunch of Bitcoin Custody Services
U.S. Bancorp has announced the relaunch of its Bitcoin custody services in partnership with NYDIG. This move follows the rollback of SEC SAB 121 and is aimed at institutional investment managers and Bitcoin ETFs.
Goals and Prospects of the Collaboration
The relaunch is led by **Stephen Philipson** from U.S. Bank and **Tejas Shah** from NYDIG. This initiative aims to bridge traditional finance with new crypto markets. Institutional market players are expected to benefit immediately from increased inflows into Bitcoin and ETFs.
Regulatory Changes and Market Reactions
Regulatory changes could lead to increased participation in Bitcoin-related services, as they have set a precedent for other financial institutions. While there are no direct statements from crypto experts like *Arthur Hayes* or *Vitalik Buterin*, discussions on Twitter hint at optimism among investors.
"NYDIG is honored to partner with U.S. Bank as its primary provider for bitcoin custody services. Together, we can bridge the gap between traditional finance and the modern economy by facilitating access for Global Fund Services clients to bitcoin as sound money, delivered with the safety and security expected by regulated financial institutions." — Tejas Shah, CEO of NYDIG.
The relaunch of U.S. Bancorp’s Bitcoin custody services appears to be a significant step towards increasing institutional interest in cryptocurrencies, potentially fostering broader adoption of digital assets in financial markets.
