FILE PHOTO: A representation of cryptocurrencies in this illustration taken, January 24, 2022. REUTERS/Dado Ruvic/Illustration//File Photo

(Reuters) -U.S. Bancorp said on Wednesday it had formed a new unit focused on digital assets and money movement to speed up development as well as grow the revenue from emerging digital products and services.

Jamie Walker, a U.S. Bancorp veteran of more than 20 years, will lead the new unit.

WHY IT'S IMPORTANT

The goal of the new organization is to develop digital products and make more money from the growing areas in finance such as stablecoin issuance, cryptocurrency custody, asset tokenization and digital money movement.

KEY QUOTE

"Clients increasingly want to understand how digital assets can help them safely move money, store deposits and use tokenized assets, among other potential use cases," said Dominic Venturo, chief digital officer at U.S. Bancorp.

CONTEXT

More companies have been trying to cash in on better crypto prices and U.S. President Donald Trump's support for the crypto industry.

(Reporting by Anuj T in Bengaluru; Editing by Shreya Biswas)