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(Reuters) -U.S. Bancorp mentioned on Wednesday it had shaped 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 and products.
Jamie Walker, a U.S. Bancorp veteran of greater than 20 years, will lead the brand new unit.
WHY IT’S IMPORTANT
The objective of the brand new group is to develop digital merchandise and make more cash from the rising areas in finance equivalent to stablecoin issuance, cryptocurrency custody, asset tokenization and digital cash motion.
KEY QUOTE
“Purchasers more and more need to perceive how digital property may also help them safely transfer cash, retailer deposits and use tokenized property, amongst different potential use circumstances,” mentioned Dominic Venturo, chief digital officer at U.S. Bancorp.
CONTEXT
Extra firms have been attempting to money in on higher crypto costs and U.S. President Donald Trump’s help for the crypto trade.
(Reporting by Anuj T in Bengaluru; Enhancing by Shreya Biswas)
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