America’s oldest bank, BNY Mellon, will custody Bitcoin
Bank of New York Mellon, America’s oldest bank, has announced plans to hold, transfer and issue Bitcoin (BTC) and other cryptocurrencies as an asset manager on behalf of its clients.
The impetus for the decision reportedly came from institutional investors — the top brass of BNY Mellon’s clientele — amid the 2021 bull season for the asset class.
As the Wall Street Journal notes, BNY Mellon is hardly the first household name in traditional finance to embrace digital assets, the likes of Fidelity Investments have long been in the game. Yet it is the first national custody bank to commit to the introduction of cryptocurrency custody for its clientele in the short-term i.e. “later this year.”