Report: The Oldest Bank in America, BNY Mellon Can Now Custody Bitcoin and Ethereum

America’s oldest bank, the Bank of New York Mellon Corporation, commonly known arsenic BNY Mellon, has announced the fiscal instauration tin present custody cryptocurrencies. A study published by the Wall Street Journal connected Tuesday, says BNY Mellon was approved by the New York State Department of Financial Services (DFS), and the slope said it was the archetypal of 8 fiscal heavyweights to commencement crypto plus custody services.

BNY Mellon to Start Custody Services for Bitcoin and Ethereum connected Behalf of Its Customers

Last fall, New York’s fiscal regulator DFS gave BNY Mellon (NYSE: BK) support to custody cryptocurrencies and a report published by the Wall Street Journal (WSJ) says the slope is acceptable to begin. BNY Mellon volition store a crypto plus owner’s backstage keys, according to the report, successful a akin manner to the mode it manages bonds, stocks, and different types of assets connected behalf of its customers.

BNY Mellon is America’s oldest slope founded successful 1784 by Alexander Hamilton, and it manages much than 40 trillion nominal U.S. dollars successful assets. In 2021, the fiscal elephantine had $2.4 trillion successful assets nether absorption (AUM). The study written by WSJ contributor Justin Baer explains that BNY Mellon says it’s the archetypal of 8 “systemically important” banks successful the U.S. that person been approved by fiscal regulators to custody integer assets.

BNY Mellon has been into cryptocurrencies for rather immoderate clip and successful October 2021 it urged authorities successful Ireland to follow regulatory standards for crypto assets earlier the European Union codified regulations. In April 2022, the slope was chosen by Circle Financial to custody the stablecoin usd coin’s (USDC) reserves. The pursuing month, BNY Mellon joined respective banks similar Wells Fargo and Citi erstwhile it invested successful an organization integer plus exertion supplier called Talos.

The WSJ study published connected Tuesday says that BNY Mellon is leveraging Fireblocks bundle for its custody solution. Furthermore, it is besides utilizing bundle developed by the blockchain surveillance steadfast Chainalysis truthful it tin analyse crypto assets that are held wrong the bank’s confines. In summation to explaining it volition beryllium utilizing Fireblocks and Chainalysis, the fiscal instauration besides noted that initially it volition custody bitcoin (BTC) and ethereum (ETH) connected behalf of its clients.

What bash you deliberation astir BNY Mellon announcing that it volition present custody bitcoin and ethereum connected behalf of its clientele? Let america cognize what you deliberation astir this taxable successful the comments conception below.

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