U.S. Oldest Bank BNY Mellon Launches Crypto Custody Services

Bank of New York Mellon, the oldest bank in the United States, announced today it has launched a new digital asset custody platform. The bank said the newly-launched platform will now enable it to receive select customers’ bitcoin (BTC) and ether (ETH) starting this week.

The custodian, who termed the move a milestone, said it “reinforces BNY Mellon’s commitment to support client demand for a trusted provider of both traditional and digital asset servicing.”

BNY Mellon revealed its intention earlier last year to store and process crypto asset transactions for its clients. At the time, the bank said it would launch the digital asset custody platform, which will be powered by Fireblocks and Chainalysis technology.

BNY Mellon Begins Offering Crypto Custody Services 

According to reports, BNY Mellon received approval from New York’s financial regulator earlier this fall before it finally launched the service. The latest move makes the firm the first major bank in the United States to use the same custody platform for both crypto and traditional investments.

Although the service will be available to select investment-fund firms this week, BNY Mellon said it is working to expand its crypto custody offerings to additional clients in the future, pending regulatory approval.

Speaking on the development, Robin Vince, Chief Executive Officer and President at BNY Mellon, said:

“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets. We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey.” 

Large Financial Institutions Offering Crypto Services

Meanwhile, several other major financial institutions have also continued to offer crypto-related services to clients in recent times in order to meet their increasing demand for the asset class.

In August, the world’s largest asset manager, BlackRock partnered with crypto exchange Coinbase to offer crypto services to institutional clients.

Just recently, the world’s second-largest stock exchange, Nasdaq, announced plans to offer crypto custody services to institutional clients.

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