Major Bank Launches Institutional Crypto Custody Service

One of the world’s largest banking groups has announced the launch of a comprehensive cryptocurrency custody service for institutional clients. The platform will support Bitcoin, Ethereum, and select ERC-20 tokens, with insurance coverage up to $100 million per client. The move represents a significant shift in traditional finance’s approach to digital assets, following regulatory guidance that clarifies custody requirements. The bank has partnered with leading blockchain security firms to implement multi-signature wallets and cold storage solutions. Early clients include pension funds and asset managers representing over $200 billion in assets under management. The service is expected to launch in Q3 2024.