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"Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years," said Gunjan Kedia, vice chair, U.S. Bank Wealth Management and Investment Services. "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 adds, "The environment is complex, with an evolving regulatory landscape and nascent technology platforms. Our clients are looking for a service offering that is consistent with U.S. Bank's exceptional standards of quality and risk management. Integrity and expertise are critical to safeguarding our clients' most valuable assets, so we're thrilled to offer our institutional clients NYDIG's industry-leading Bitcoin expertise, backed by the financial strength of U.S. Bank."

"NYDIG is excited to partner with U.S. Bank to provide its customers with a custody solution that meets the highest security, compliance and regulatory standards," said Robert Gutmann, co-founder and CEO of NYDIG. "Together, we can facilitate access to this growing asset class while delivering the best-in-class experience that U.S. Bank's clients have come to expect."

U.S. Bank is committed to delivering the most forward-looking digital assets innovation, as evidenced by the bank's investment earlier this year in Securrency, a developer of institutional-grade blockchain-based financial and regulatory technology.

U.S. Bank Wealth Management and Investment Services has more than $8.6 trillion in assets under custody and administration and $282 billion in assets under management globally as of June 30, 2021. In addition to offering alternative investment, fund custody, and fund administration services, it also offers asset management products and services, corporate trust and custody services, and wealth management services.