US Bancorp Resumes Bitcoin Custody Service with NYDIG
US Bancorp has resumed Bitcoin custody services with NYDIG after a four-year pause. The bank now offers secure Bitcoin custody for registered funds and ETF providers, following a regulatory shift that saw the SEC rescind its 2022 advisory on crypto custodian participation. It plans to expand digital asset custody to other cryptocurrencies and integrate services into wealth management and payments. Competitors like BNY Mellon, Deutsche Bank and Fidelity already provide crypto custody, while Citigroup evaluates its own launch. The move underscores growing institutional adoption and could boost market confidence in Bitcoin custody.
Bullish
The resumption of Bitcoin custody by US Bancorp signals increased institutional support and regulatory clarity for digital assets. In the short term, launching a secure custody service with NYDIG may attract fresh capital flows into Bitcoin from registered funds and ETFs, supporting price momentum. Over the long term, banks’ expanding crypto custody offerings and integration with wealth management strengthen market infrastructure and trust, potentially driving sustained institutional adoption and price appreciation for BTC.