The real change is happening

[aoluain]

News is good, I just hope this has some positive outcomes in adoption and use of crypto, not just that big institutions are going to bag hold or use the excuse of the bull market to make some money.

Well, I don't know how you can see it that way. Bank custody services are not going to help usage at all. As the news article says, it is aimed at institutional investment managers. In other words, managers are going to buy large amounts of bitcoin and simply deposit them in the bank as an investment. To make money. In other words, the opposite of what you are suggesting.

Ok so while it may not be classed by us as good the move does help portray
Bitcoin as more normal, something that can be considered by everyone as less
'illegal' and another step away from the 'Rat Poison Squared' notion from the past.

Thats the way I look at it.

[Danica22]

digital asset custody services

With Bitcoin, going with non-custodial or self-custodial to stick with Satoshi Nakamoto's vision.

This will continue to lead to a mass adoption very quickly.

It's part of Bitcoin adoption but it is not what Satoshi Nakamoto created Bitcoin for. Business companies saw Bitcoin potential as well as threats for their business and they knew that they only can join the Bitcoin party, but they want to control it somewhat, so custodial services created.

That shows that what investors today care about is only profit, nothing more. They don't seem to care about privacy anymore, or being their own bank to have full control over their assets. If they were still interested in Satoshi's original vision and goals, they would not be excited about banks and institutions providing bitcoin custody services.

After all, we invest in bitcoin for profit, not because we want to escape the centralized monetary system, to escape the control of governments and banks.

[Free Market Capitalist]

....

The game changed when BlackRock submitted its application for the spot bitcoin ETF, which is now IBIT. This is nothing compared to that. As soon as the world's biggest asset manager entered the bitcoin game, it was clear that the game had changed: it was not going to be banned or go to zero, and it still had a very bright future.  A company like that doesn't get involved in something like that without doing a lot of research, including political contacts.

[Aanuoluwatofunmi]

US Bancorp has reentered the crypto space by relaunching its digital asset custody services aimed at institutional investment managers. This shows the importance of an administration that is ready to accept cryptocurrencies wholeheartedly. Many corporations will be now free to hold crypto and even offer services related to that. This will continue to lead to a mass adoption very quickly.

The Minneapolis-based bank, the fifth-largest commercial bank in the US, first launched its custody service in 2021 in partnership with fintech firm NYDIG, before it was paused due to the SEC guidance. With the rule rescinded, US Bancorp is proceeding with a renewed push.

Right from the start, bitcoin has always been more advanced in every ways, while this season bullrun also created more utility for the use of bitcoin for ETF spot bitcoin, institutional adoption and government endorsements of bitcoin as a national reserve, which all these signifies the increase in growth of bitcoin adoption and applicable uses in different areas of the economy, same we have been having till now, because its a valuable asset and decentralized digital currency.

[Zigabel]

US Bancorp has reentered the crypto space by relaunching its digital asset custody services aimed at institutional investment managers. This shows the importance of an administration that is ready to accept cryptocurrencies wholeheartedly. Many corporations will be now free to hold crypto and even offer services related to that. This will continue to lead to a mass adoption very quickly.

The Minneapolis-based bank, the fifth-largest commercial bank in the US, first launched its custody service in 2021 in partnership with fintech firm NYDIG, before it was paused due to the SEC guidance. With the rule rescinded, US Bancorp is proceeding with a renewed push.

This is a new wave of revolution for Bitcoin and cryptocurrency generally because every others will begin to see reasons to join in with the adoption and it won't be long there's going to be another phase of transition for bitcoin such that most persons have not foreseen because  the involvement of the government bodies and bigger institution is definitely changing the game and taking crypto to a different higher level all together only that this may be posing some pseudo control system we need to look out for.

I mentioned that because when all these bodies become biggest holders, they tend to have the ability of manipulation indirectly because their moves of buys or sells will have a way of triggering certain reactions in the market but if a vast majority of total distribution is at retail levels, such manipulations and pseudo control fails because it becomes even more difficult to mop up all the distributions into a channel of control.

[kotajikikox]

News is good, I just hope this has some positive outcomes in adoption and use of crypto, not just that big institutions are going to bag hold or use the excuse of the bull market to make some money.

Well, I don't know how you can see it that way. Bank custody services are not going to help usage at all. As the news article says, it is aimed at institutional investment managers. In other words, managers are going to buy large amounts of bitcoin and simply deposit them in the bank as an investment. To make money. In other words, the opposite of what you are suggesting.

Ok so while it may not be classed by us as good the move does help portray
Bitcoin as more normal, something that can be considered by everyone as less
'illegal' and another step away from the 'Rat Poison Squared' notion from the past.

Thats the way I look at it.

The richer people definitely are the ones who are benefiting the most from this but the lesser rich people will also get something out of this but not only can they buy bitcoin in the country without restrictions they can also send and receive as easily. It’s not just about investment but the usage of crypto is also included in this progress.

[red4slash]

As more and more people become involved with crypto in the sense that they are conducting transactions, investing, or even trading, as well as undertaking various crypto-related projects, they inevitably realize that this can be a lucrative field. As a result, governments and those in power can no longer apply the conventional schemes they have always used and are forced to adapt to current developments.

As a result, many people, including rulers and politicians, are now getting involved in Bitcoin under the pretext of being pro-cryptocurrency.
This is indeed a very good thing, regardless of their reasons, whether they are simply taking advantage of the situation or are genuinely interested. They are all focused on cryptocurrency, and this clearly proves that there may be several things happening that could improve the situation in the future.

[XXKK-Exchange]

It shows regulators and banks are getting more comfortable with crypto infrastructure. This could really accelerate trust and adoption, especially for institutions that were waiting for clearer guidance before touching digital assets.

[Patikno]

US Bancorp has reentered the crypto space by relaunching its digital asset custody services aimed at institutional investment managers. This shows the importance of an administration that is ready to accept cryptocurrencies wholeheartedly. Many corporations will be now free to hold crypto and even offer services related to that. This will continue to lead to a mass adoption very quickly.

The Minneapolis-based bank, the fifth-largest commercial bank in the US, first launched its custody service in 2021 in partnership with fintech firm NYDIG, before it was paused due to the SEC guidance. With the rule rescinded, US Bancorp is proceeding with a renewed push.

This is really big change, and I think this is the importance of choosing leaders who know the potential of Bitcoin like the United States. We can imagine that the future of Bitcoin is increasingly bright, and I also see from the news that one of Germany's largest banks, namely Deutsche Bank also plans to allow the storage or deposit of crypto currency, especially Bitcoin for next year. So, we can conclude that the eyes of the world have begun to be fixed on Bitcoin, time by time will go over with an increase in adoption to it. Companies, institutions, or some countries have begun integrates on crypto currencies (especially bitcoin). So, let us take advantage of this real opportunity, realize the potential and never say "too late buying bitcoin".

By the way, some ago there was a discussion about this, and it seems that no one provided information related to US Bancorp which apparently had conducted a custody service in 2021, and was stopped because of the previous rules, but has now been operating again for the service.

[Jubilee58]

This is a good news because the more cryptocurrency is being adopted, the more people are building confidence in cryptocurrency ,and the more it is being accepted the more there will be price increase.We are all aware that what sustains the cryptocurrency market is the investors interest, the more people are investing in the market the more the market is booming ,more especially the big investors. And rendering cryptocurrency related services is very much a welcomed development, because people who owns crypto asset can use it to make purchases of goods and services.

[Digifann1]

....

The game changed when BlackRock submitted its application for the spot bitcoin ETF, which is now IBIT. This is nothing compared to that. As soon as the world's biggest asset manager entered the bitcoin game, it was clear that the game had changed: it was not going to be banned or go to zero, and it still had a very bright future.  A company like that doesn't get involved in something like that without doing a lot of research, including political contacts.

I mean it was obvious that ETF approval was going to happen as soon as BlackRock filed for it, which just shows that the ETF approval requirements are all corrupt lies. It isn't about anything that they say that it is, it is about connections and helping the status quo retain control and profit. The news in this group is good, but it is nothing compared to the ETFs and BlackRock I agree.

[Dave1]

This is a good news because the more cryptocurrency is being adopted, the more people are building confidence in cryptocurrency ,and the more it is being accepted the more there will be price increase.We are all aware that what sustains the cryptocurrency market is the investors interest, the more people are investing in the market the more the market is booming ,more especially the big investors. And rendering cryptocurrency related services is very much a welcomed development, because people who owns crypto asset can use it to make purchases of goods and services.

There might be argument though about control as institutions are really getting their hands on Bitcoin. Although I still believed that we still have the control, us meaning average and retail investors who do DCA and hold and stack sats as much as we can.

And this is not the first time that Bitcoin has been seen as a great investment and asset by bigger entities. We've seen it obviously in BlackRock. So perhaps this is a good news to us, because we all know that the price is going to be push higher. I don't know about control though, Bitcoin is still decentralized to me, so even if we have this big players, I don't think that they can manipulate the price in their favor.

[Lida93]

digital asset custody services

This will continue to lead to a mass adoption very quickly.

Can this even be referred to as bitcoin adoption? I don't think so because when you buy bitcoin yourself and own your keys, you are adopting bitcoin. But when you pay some company or a corrupt bankster that tells you they buy bitcoin in your stead, then you are not adopting bitcoin. You are instead adopting that centralized and corrupt system that may not even have as much bitcoin as they tell you they have!

Honestly, it doesn't make a difference with  the traditional investments and finance  system that a third-party is buying and hodling your bitcoin on your behalf. It still avails the middleman in the process which is what ought not to be with bitcoin adoption where the individual or investor buy and take self custody of their bitcoin in a noncustodial wallet.

[lionheart78]

Honestly, it doesn't make a difference with  the traditional investments and finance  system that a third-party is buying and hodling your bitcoin on your behalf. It still avails the middleman in the process which is what ought not to be with bitcoin adoption where the individual or investor buy and take self custody of their bitcoin in a noncustodial wallet.

It can't be helped; the bank saw a profit in engaging in Bitcoin "services" and as a business entity, it is normal to take advantage of the opportunity.  We might see more and more banks act like this.  They were leashed when the government and financial institutions had not laid a regulation on Bitcoin, but were released to take action when Bitcoin was legalized. This might not be an individual adoption, but it is a corporate or institutional adoption, no matter how we call it, being centralized or whatever.

[pooya87]

digital asset custody services

This will continue to lead to a mass adoption very quickly.

Can this even be referred to as bitcoin adoption? I don't think so because when you buy bitcoin yourself and own your keys, you are adopting bitcoin. But when you pay some company or a corrupt bankster that tells you they buy bitcoin in your stead, then you are not adopting bitcoin. You are instead adopting that centralized and corrupt system that may not even have as much bitcoin as they tell you they have!

Honestly, it doesn't make a difference with  the traditional investments and finance  system that a third-party is buying and hodling your bitcoin on your behalf. It still avails the middleman in the process which is what ought not to be with bitcoin adoption where the individual or investor buy and take self custody of their bitcoin in a noncustodial wallet.

The biggest risk in custodial investment is the bold part above which I only hinted at earlier. It is very easy to see them go corrupt in order to maximize their profitability. They can take people's money and tell them they have bought bitcoin for these people but in reality they never do.

This is somewhat similar to the problem we already have with centralized exchanges as well, many of them are insolvent and are running a form of "fractional-reserve" where they can't cover all the withdrawals if everyone wanted to pull their funds out.

[Outhue]

I think that many of these companies and institutions wanted to get into digital assets years ago but they didn’t due to regulations. They didn’t want to deal with non compliance with the democratic admistration and SEC head Gensler which was very anti crypto.

But with Trump in office they know he is pro bitcoin and they got less hurdles to jump thru. Basically they get involved in anything as long as they can turn a profit. So it’s no surprise we are seeing more and more of this.

Do you think this is good on the long run? Also Trump won't always be in the office, few years in the future another election will happen, crypto market could be affected again don't you think? Even as Trump is a big fan of crypto I still don't like it, because he is not doing the right thing.

There are way too many criminals in crypto space today and the damages will be higher than what we have seen in the past, Trump only used his influence to make lots of money but he failed to protect people from scams, I once thought that he will regulate crypto in such a way that scammers don't have advantage over retail investors but once he created two meme coins I knew it's over. I am not happy with what Trump is doing and the side effect will start impacting soon.

[fuguebtc]

The biggest risk in custodial investment is the bold part above which I only hinted at earlier. It is very easy to see them go corrupt in order to maximize their profitability. They can take people's money and tell them they have bought bitcoin for these people but in reality they never do.

This is somewhat similar to the problem we already have with centralized exchanges as well, many of them are insolvent and are running a form of "fractional-reserve" where they can't cover all the withdrawals if everyone wanted to pull their funds out.

The collapse of FTX in 2022 is the clearest example of the risks of buying and storing bitcoin through centralized platforms. If I remember correctly, it was after rumors of a shaky financial relationship between FTX and Alameda Research spread. At that time, investors withdrew money en masse, but due to insufficient liquidity and the numbers displayed on customer accounts were just virtual. FTX had to suspend all withdrawals, many investors were unable to withdraw their funds and then as we all know, they declared bankruptcy and many investors lost their money because of the collapse of FTX.



https://cointelegraph.com/news/ftx-us-suspends-withdrawals-according-to-on-chain-data

[Churchillvv]

Snip

I also find this news not remarkable or interesting because after all, they do it for their own benefit and not for anyone else. But are we any different? Aren't we also in it for profit? What have we done for bitcoin and the crypto community? We are all the same, all for our own benefit and not for the community.

I believe that if bitcoin does not bring high returns, it does not give us the opportunity to get rich. There is also no one who will stay here and continue to protect it at all costs.

Right! We have similar interest in bitcoin only for the fact that it returns a level of profit but the not real all of us are just boring in the bitcoin community some are currently running full nodes not getting paid but in assistance for bitcoin and it’s love so we can say that we do somehow help the community to an extent compared to this institutions and investors and basically one thing is most of the CEOs of this companies were known for calling it a bubble in the early days but some how seem to be interested now.

[alegotardo]

US Bancorp has reentered the crypto space by relaunching its digital asset custody services aimed at institutional investment managers. This shows the importance of an administration that is ready to accept cryptocurrencies wholeheartedly. Many corporations will be now free to hold crypto and even offer services related to that. This will continue to lead to a mass adoption very quickly.

Its wonderful!
This is a very great because I think that when a bank the size of US Bancorp gets involved at something like this, it isnt just because they are looking for immediate profit, but because they are recognize the competitive pressure and institutional demand... this end becoming a domino effect that will certainly be adopted by others banks that were still reluctant to enter on crypto with full force.

And I think it goes further... I see the emergence of pension funds, insurance companies and other large asset managers entering to this crypto market... in the next phase I see banks offering not only custody but also crypto native financial products like on-chain lending, integration with stablecoins and others.

I only see an one problem... the concentration of power, because if more and more crypto is held in custody by large banks, the principle of self custody that Satoshi so championed will be increasingly lost.

[goldkingcoiner]

US Bancorp has reentered the crypto space by relaunching its digital asset custody services aimed at institutional investment managers. This shows the importance of an administration that is ready to accept cryptocurrencies wholeheartedly. Many corporations will be now free to hold crypto and even offer services related to that. This will continue to lead to a mass adoption very quickly.

The Minneapolis-based bank, the fifth-largest commercial bank in the US, first launched its custody service in 2021 in partnership with fintech firm NYDIG, before it was paused due to the SEC guidance. With the rule rescinded, US Bancorp is proceeding with a renewed push.

Adoption is inevitable. Only a matter of time.

I have said this and will continue saying this.

The SEC needs to stop putting stones in the path of cryptocurrency. We know they are only acting in favor of the banks, which desperately are trying to hang on to the old system of money.  If they had any sense they would change their business model to update it for the future version of currency, which is decentralized. That is what scares them the most. Losing control over other people's money.