US Bank has announced that it is launching custodial services for Bitcoin.
As a result, institutional investors that are based in the country or the Cayman Islands will be able to store their private keys with the bank.
The move comes after Bank of America reassessed its attitude towards crypto earlier this week.
To ensure the safekeeping of this sensitive information, the bank has been working with financial services and technology firm New York Digital Investment Group. Yet, Bitcoin doesn't seem to be the only focal point for the bank.
According to a report by CNBC, US Bank is also offering custody services for several other cryptocurrencies, including Bitcoin Cash, Litecoin and soon Ethereum.
More coins will be added over time according to the bank's vice chair for wealth management and investment services Gunjan Kedia.
The bank has been preparing to introduce custodial services for a while, having first announced plans to launch such products back in April.
“Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services”, Kedia explained.