U.S. Bank to Offer Cryptocurrency Custody Product
U.S. Bank, which is part of U.S. Bancorp—the fifth-largest bank in the United States--has said it would offer a cryptocurrency custody product in conjunction with an unnamed partner. This is a big step for the U.S. Bank into the crypto and Bitcoin business as the demand for digital assets continues to expand, a fact that's reflected in resilient BTC and crypto prices. The bank has already made a strategic investment in a cryptocurrency infrastructure provider—Securrency.
Crypto and Bitcoin analysts are buoyant, citing institutional demand and increasing adoption as a primary driver of prices. Public firms like PayPal, Venmo, Square, and many others already support crypto payments. Some like Tesla holding BTC strategically in their balance sheets. The entry of U.S. Banks follows announcements from JP Morgan and Morgan Stanley offering to allow its clients exposure to BTC.
Impact on BTC Price:
Bullish. A robust backend and favorable laws would encourage more institutions to foray into crypto, subsequently offering support to Bitcoin prices.
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