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Bancorp launches crypto custody service in the Cayman Islands and US


TL;DR Breakdown

• The North American company will allow investments in Bitcoin.
• Bitcoin price rises by over 4.56 percent.

Bancorp, one of the most prestigious companies in the United States, announced in the early hours of Tuesday, October 5, that it would launch a crypto custody system based on cryptocurrencies. In this way, investors can keep their decentralized funds under the best security scheme.

The company, ranked number five among the priority banking entities in North America, said it would meet its goals with the NYDIG company. The Bank will be focused on Bitcoin investments as it is the most popular cryptocurrency in the virtual market.

Bancorp creates its investment landscape in Bitcoin

Bancorp

According to the Bancorp Vice President, traditional investors have been very attracted to cryptocurrencies, including Bitcoin. The broker admits that crypto operations have increased in the last two years.

Although Bitcoin has a volatile price like other crypto, this has not allowed Bancorp to create its investment landscape. However, cryptocurrencies also face China, the UK, and the US SEC regulations to limit trading.

This offer promoted by the Bank could help investors store their tokens such as Bitcoin Cash, Litecoin, Ethereum, and Dogecoin. Although the investment platform will first serve popular cryptos such as Bitcoin and Bitcoin Cash, the altcoins will be added with time.

The custody bank could partner with major players such as State Street and Bank of New York Mellon, who have spoken about their plans. The company’s vice president also suggests that his clients have shown interest in its new investment system, which will succeed.

US Bank announcement creates hope among crypto investors

Bancorp’s announcement creates an atmosphere of hope among crypto enthusiasts, since 2009 cryptocurrencies have changed the world. However, there is a very narrow strip between the people who approve of them and those who reject these investments.

US Bank is on the side of crypto fanatics, and this is why it has taken it as its own to run the custody services. With this new participant in crypto investments, the Bitcoin price soared, reaching $49,000 with a rise of 4.56 percent in 24 hours.

Bitcoin is on a bullish streak, completing its 20 percent over the week. With the Bancorp announcement, the BTC price rose, which would show that its participation is favorable.

Among other disclosures, US Bank will also seek to create a manager position for these new cryptocurrency operations. The Bank will also develop a KYC system to be fast, simple, and secure for crypto transactions. So far, crypto investments within the Bank will be available only to clients’ funds in the Cayman Islands and North America, although they could be expanded.



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