(Reuters) -U.S. Bancorp mentioned on Wednesday it had fashioned a brand new unit centered on digital property and cash motion to hurry up improvement in addition to develop the income from rising digital services.
Jamie Walker, a U.S. Bancorp veteran of greater than 20 years, will lead the brand new unit.
WHY IT’S IMPORTANT
The purpose of the brand new group is to develop digital merchandise and make more cash from the rising areas in finance resembling stablecoin issuance, cryptocurrency custody, asset tokenization and digital cash motion.
KEY QUOTE
“Purchasers more and more wish to perceive how digital property will help them safely transfer cash, retailer deposits and use tokenized property, amongst different potential use instances,” mentioned Dominic Venturo, chief digital officer at U.S. Bancorp.
CONTEXT
Extra corporations have been making an attempt to money in on higher crypto costs and U.S. President Donald Trump’s help for the crypto business.
(Reporting by Anuj T in Bengaluru; Enhancing by Shreya Biswas)
