U.S. Bank and JP Morgan are looking to taste the cryptocurrency water by launching Bitcoin-related services. According to the CoinDesk report, U.S. Bank wants to launch its digital asset offering, while JPMorgan is looking forward to offering a bitcoin fund. You can only benefit from the Bitcoin fund by JPMorgan if you are among the company’s private wealth customers. Selected individuals can start enjoying the services from this summer. NYDIG (New York Digital Investment Group) will serve as a keeper for the bitcoin funds.
Unlike bitcoin funds by competitors such as Galaxy Digital, who manage the funds passively, JPMorgan will ensure active management of the services.
JPMorgan’s interest in the crypto business will surprise many. This is after their CEO, Jamie Dimon appearance on multiple occasions criticizing virtual trading. He once said Bitcoin is a fraud coin not worth his attention. This newfound interest can show you how the crypto market is gaining mainstream acceptance. However, people have witnessed similar cases in the past. You find prominent individuals and celebrities discouraging the crypto idea, only to accept it in the future. Maybe inadequate knowledge about the cryptocurrency business influences most people’s initial decisions. That is why industry experts encourage you to research everything about the market before drawing your conclusions.
Meanwhile, a prominent financial institution, U.S. Bank announced the launching of its crypto custody on Tuesday. The bank will partner with a still-unidentified sub-custodian to offer cryptocurrency services. Moreover, the bank announced its duty as an NYDIG Bitcoin ETF administrator if the SEC approves the proposal. The financial institution will seek the NYDIG’s application before the SEC approval.
U.S. Bank is working on all possible ways to back up the Securrency crypto infrastructure firm. Patrick Campos, the company’s chief strategy officers, seems to be confident with the subject, according to the interview he did with CoinDesk. He said that Securrency is a massive firm that does not make noise in the crypto space.
You cannot deny the fact that more organizations will adopt cryptocurrency shortly. Financial institutions and businesses are jumping on board to enjoy the opportunities by virtual currency.