U.S. Bancorp launches cryptocurrency custody service for investment managers

FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this picture illustration taken June 14, 2021. REUTERS/Edgar Su/Illustration

(Reuters) - U.S. Bancorp said on Tuesday it had launched a cryptocurrency custody service for institutional investment managers who have private funds in the United States and Cayman Islands.

The fifth largest U.S. bank said bitcoin-focused financial services firm NYDIG will act as a sub-custodian and the service will soon support cryptocurrencies besides bitcoin as well.