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HomeUncategorizedBank of New York Mellon incorporates cryptocurrencies into its custody services

Bank of New York Mellon incorporates cryptocurrencies into its custody services

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The oldest bank in the US began accepting bitcoin and ether from a select group of customers.

The American multinational investment banking services Bank of New York Mellon Corp decided to extend its tasks to the field of cryptocurrencies, according to a statement published on the website of the financial institution.

Saving and transferring bitcoins and ethers is an option available from this Tuesday for a select number of customers in the United States, through the digital platform of the largest custodian bank in the world. In the future, it is planned to expand the scope and assortment of assets available to the bank, as it receives new regulatory approvals.

“Attaining more than 20% of the world's investable assets, BNY Mellon has the scale to re-imagine financial markets through blockchain technology and digital assets.With great enthusiasm we help advance the financial industry beginning the next chapter of our innovation journey,” said Robin Vince, CEO and Chairman of BNY Mellon.

The oldest bank in the US created the year past the business unit Digital Assets Unit, conceived to develop technological solutions in terms of digital assets and develop a platform for multiple assets that unifies the custody of digital assets with that of traditional ones. Specialists from the financial technology companies Fireblocks and Chainalysis were brought in for this purpose.

BNY Mellon cites a study according to which almost all institutional investors (the 91%) are interested in digital assets. In addition, 41% of them currently have cryptocurrencies in their portfolios, and another 15% expect to have them in the next two to five years.

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