Weekly Report – October 6, 2021

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Highlight of the Week

U.S. Bank Launces Bitcoin Custody Service

-The fifth-largest retail bank in the U.S. announced Tuesday that it will offer investment managers the ability to store private keys for Bitcoin, Bitcoin Cash, and Litecoin.

-They will expand the service to offer other coins like Ethereum over time, as financial institutions continue their race to cater to crypto demand.

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Rapid Report:

Abelian Brand Mark

Google Experiences Setback Entering Financial Services Space

-Google is shutting down its bank account product nearly two years after announcing ambitious plans to enter the retail financial industry. Tech giants like Google have access to hundreds of millions of users and their data, so many expected that they could smoothly enter and disrupt the space.

-Google announced that they are updating their approach to focus primarily on delivering digital enablement for banks, rather than servicing as the sole provider of financial services.

The U.S. Postal Service Quietly Expands Financial Services Offerings

-The U.S. Postal Service has quietly begun offering a handful of new or expanded financial services in four cities.

-Advocates of postal banking argue that a return to postal banking could help the agency’s finances and assist millions of people who have limited or no access to the banking system. About 19% of U.S. households remain underbanked.

Braves Head to Milwaukee for National League Division Series

-The Braves open a best-of-five series against the Brewers Friday afternoon.

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