Northern Trust Corp (NASDAQ:NTRS)., a leading global asset management firm with $954 billion in total assets under management, is planning to start a custody service for digital assets, Bloomberg reported July 31.
The company’s head of corporate and institutional business Pete Cherecwich told Bloomberg that the company has started developing a strategy to secure custody-held digital assets such as cryptocurrencies. He said the firm aims to offer a product similar to existing custodial services while charging lower fees: