(Reuters) -U.S. Bancorp stated on Wednesday it had fashioned a brand new unit centered on digital property and cash motion to hurry up growth 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 objective of the brand new group is to develop digital merchandise and make more cash from the rising areas in finance reminiscent of stablecoin issuance, cryptocurrency custody, asset tokenization and digital cash motion.
KEY QUOTE
“Shoppers more and more wish to perceive how digital property can assist them safely transfer cash, retailer deposits and use tokenized property, amongst different potential use circumstances,” stated 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 assist for the crypto business.
(Reporting by Anuj T in Bengaluru; Modifying by Shreya Biswas)
