(Reuters) -US Bancorp said on Wednesday it had formed a new unit focused on digital assets and money movement to accelerate development and increase revenue from emerging digital products and services.
Jamie Walker, a US Bancorp veteran with more than 20 years of experience, will lead the new unit.
WHY IT IS IMPORTANT
The goal of the new organization is to develop digital products and make more money in growing areas in finance, such as stablecoin issuance, cryptocurrency custody, asset tokenization, and the movement of digital money.
KEY QUOTE
“Customers increasingly want to understand how digital assets can help them move money securely, store deposits, and use tokenized assets, among other potential use cases,” said Dominic Venturo, chief digital officer at US Bancorp.
CONTEXT
More companies have been trying to capitalize on improved cryptocurrency prices and US President Donald Trump’s support for the cryptocurrency industry.
(Reporting by Anuj T in Bengaluru; Editing by Shreya Biswas)