US Bank investment announces new digital currency custody service
Mark Cuban talks about digital currency
The 5th largest retail bank
US Bank, the nation’s 5th largest retail bank announced that their digital currency custody service for bitcoin, bitcoin cash, and litecoin is now available to fund managers, CNBC is reporting.
According to Gunjan Kedia, Vice-Chair of US Bank’s wealth management and investment services division, “our clients are getting very serious about the potential of [digital] currency as a diversified asset class. I don’t believe there’s a single asset manager that isn’t thinking about [digital currency] right now.” Kedia says that support for other coins like Ethereum is expected over time.
This announcement is another sign that large financial establishments are looking at digital currencies as a legitimate asset class. Large custody banks who verify and safeguard trillions of dollars of traditional assets for money managers, like the Bank of New York Mellon, State Street, and Northern Trust, have all announced plans to custody digital assets.
Ms. Kedia surveyed US Bank’s largest clients to find out their level of interest in digital currencies. She found that many of her customers were interested, and her clients wanted the bank to move quickly.
“What we were hearing across the board is that while every currency might not survive – there may not be room for thousands of coins— there’s something about the potential of this asset class and the underlying technology that would be prudent for us to stand up support for,” she said.
Billionaire Mark Cuban talks about digital currency (again)
Fox Business is reporting that billionaire Mark Cuban says that not all digital currencies are the same and how the digital market might shape the future.
“Bitcoin’s a bit of a different animal,” Mr. Cuban said. “Bitcoin is a great alternative store of value. I think it’s a better alternative than gold, but not all crypto is the same. You put Bitcoin in the category of stored value, then you move to things like Ethereum.”
“Ethereum is really a significant network, and because of their smart contracts, and their security, and their ability to have distributed management.”
“I’m investing in things like decentralized insurance applications, decentralized ways to distribute NFTs, which allow for things like 3-D printing files, textbooks – so many different applications,” Mr. Cuban said. “It’s very analogous to what we saw in the early days of the internet when we went from analog to digital.”
As the owner of the Dallas Mavericks basketball team, Mr. Cuban says his team accepts digital currencies. “There’s a lot of people paying [with] Dogecoin. We sell thousands and thousands of dollars [of Mavericks merchandise] per month during the off-season, and once the season starts, I expect that to happen per week in Dogecoin – and that’s really because it’s easy to spend.”
Cuban says that he has about $1,500 in Dogecoin just “for fun. I’ve never told anybody it’s a great investment. I’ve often said it’s a great way to get to understand how cryptocurrency works, how to invest in the market.”
He adds, “It’s a better investment than a lottery ticket if you’re trying to hit a home run.”
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