in

US Bank to announce Bitcoin Custody Service

The Domino is starting to fall. This is a major bank, I have my home Mortgage worth Millions tied to this bank.

[https://www.cnbc.com/2021/10/05/bitcoin-custody-us-bank-launches-service-as-institutions-race-to-cater-to-crypto-demand.html](https://www.cnbc.com/2021/10/05/bitcoin-custody-us-bank-launches-service-as-institutions-race-to-cater-to-crypto-demand.html)



View Reddit by maniparusuView Source

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

35 Comments

  1. This was my first and primary bank… along with Ally. I originally planned to switch to Ally full time(years ago), but I had a couple of issues with them and kept USB as my primary.

    Back when people complained that their bank would block crypto buying, I never had the first issue with US Bank.

    I’m definitely not transferring my stash to US Bank but once this launches, I might buy a small amount to see how it works and what they’re doing.

    I’m curious though… will launching this product cause them to start blocking my Gemini and Coinbase transactions? This will be an interesting one to watch.

  2. Why would anyone want to allow an inherently untrustworthy institution like a bank to hold their crypto when keeping it in their own wallet and not divulging their keys to anyone is 100x as secure?

    “Sorry sir, the government issued a decree that all bitcoin are to be surrendered and fiat is to be issued in it’s place. We’ve already sold all your bitcoin for you and stuffed your account full of worthless, hyperinflating dollars. Thank you for your business and your private keys.”

  3. I probably do not understand the financial system very well, but how will the banks enable a custodial service?
    Will they buy Bitcoin and store it for you?

    Or will they ‘promise’ to give you your Bitcoin if you ask for it, meaning they might take your money and not actually have any BTC in their possession.

  4. These banks make a large percentage of their revenue on fees. It will be interesting to watch how they handle this as more banks follow their lead. High fees looking for old money, or low fees looking for young money?

    I’ll never be a crypto client of a bank, but more adoption is a good thing.

  5. It’s really going to hit me that Bitcoin made it when you can hop on your regular stock brokerage like schwab or fidelity and buy BTC. I don’t think you should buy it there but that will be cool to see.

  6. This is already years in the making. Why do you think your bank tells you not to buy crypto and freezes your account? They want to be the custodials of everything, even your crypto.

  7. Yeah, this is good news. As long as I have a mortgage and bills that use a legacy bank, I’ll be using custodian for fiat,, may as well use them for the same net value worth of crypto.

    I have a mortgage with them. If I can buy $12k worth of Bitcoin today and deduct my mortgage monthly from that BTC balance at the market rate with a small fee monthly on auto-pay…

    I will do this the day it’s available.

    In fact,, if they enable bill-pay out of a crypto-balance at market rate, I’ll start using them for my direct-deposit, primary bank. They offer me a few hundred dollars every few months to set up direct deposit with them… Won’t do it for a few hundred bucks, but you let me bill-pay from a crypto-balance and I switch today. Are you listening US Bank!?

    First mover advantage.

    Alas, we’re still waiting.

What do you think?

CryptoNewsZ

Qredo Enters Into a Partnership with MetaMask Institutional

The SOLANA Messaging App For The Blockchain Era

The SOLANA Messaging App For The Blockchain Era