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The decision was based on increasing demand for a new type of assets from the bank's clients

​American U.S. Bank has announced the launching of a cryptocurrency service

06.10.2021 - 09:25 Michael Golikov Michael Golikov

The decision was based on increasing demand for a new type of assets from the bank's clients.

What's new? According to the CNBC, one of the largest American banks plans to offer its clients a custodial service for working with digital assets. This is in reference to the financial institution U.S. Bank.

News source at CNBC

What services will the bank provide? The main service will include storing private keys for such cryptocurrency wallets as: Bitcoin, Litecoin and Bitcoin Cash. Support for Ethereum and a number of other cryptocurrencies is expected over time.

U.S. Bank will conduct a complex check of the funds’ origin before giving its users access to the service. Furthermore, customer identification procedures and measures to counter money laundering and terrorist financing (KYC and AML) will be introduced.