The Bank of New York Mellon (BNY Mellon), the oldest bank in the United States, has received approval to add digital asset custody to its services. of wall street journal report October 11th.
According to the report, the bank will offer the service to traditional fund managers who already use it for their back-office operations. These funds eliminate the need to find another custodian of your digital assets.
BNY Mellon customers can keep the keys to their assets in the bank. The bank has revealed that the platform will go live with selected investment fund companies this week. The service will later be extended to other clients, he continued.
Talk of BNY Mellon offering crypto custody began earlier this year. city morning report The bank is awaiting regulatory approval for a cryptocurrency wallet powered by Fireblocks technology. The report also said BNY Mellon plans to offer cryptocurrency custody as a global service, even though it plans to launch in the United States.
BNY Mellon’s pivot to cryptocurrency custody services is another sign of further industry adoption. Other major traditional financial institutions, including Nasdaq, have also announced plans to begin offering crypto custody.
BNY Mellon, on the other hand, has partnered with crypto-focused companies including: grayscale investment When Chainalysis.