The Oldest Bank from America to Custody Bitcoin (BTC)
According to the latest reports, the oldest bank in the United States “Bank of New York Mellon” has made a thrilling announcement for the cryptocurrency community. The bank has announced that it is planning to provide cryptocurrency-related services to its customers. Initially, the bank will be providing services such as transferring, issuing, and holding Bitcoin (BTC).
The Bank of New York Mellon has revealed that not just Bitcoin (BTC), it is also planning to provide the same services for other cryptocurrencies. The bank advised that it will be managing all these activities on behalf of its customers.
It has been confirmed that the oldest bank in the United States had to come to this decision because of its investors. The top clients of the Bank of New York Mellon are the reason why the bank has decided to set foot into the cryptocurrency industry. On top of that, the current bullish season being demonstrated by the cryptocurrency industry is the main driver that has compelled the bank to make this decision.
The Wall Street Journal has also commented on the recent announcement made by the BNY Mellon. It stated that BNY Mellon is one of the traditional and the oldest finance banks that was hard to budge or change its policies. However, as the cryptocurrency industry continues to grow it has now become clear to every financial institution how important it is to adopt.
The first banks from the United States of America that have picked on the idea are Bank of America and JPMorgan. These major financial institutions from the United States have already started looking for ways to get into cryptocurrencies.
However, with the recent decision, the BNY Mellon has become the first national custody bank that is getting into cryptocurrencies. The bank has confirmed that it is expediting the process of adopting cryptocurrencies. Hopefully, the clients at BNY Mellon will be getting wonderful news by the end of the year 2021.
The chief executive of the digital businesses and asset servicing at the bank, Roman Regelman also commented on cryptocurrencies. Regelman stated that BNY Mellon’s higher management has finally come to understand the importance of cryptocurrencies. The stakeholders now understand that digital assets and cryptocurrencies are now gaining mass adoption in the mainstream industry.
The development team at BNY Mellon has confirmed that the bank will be managing crypto-related projects and services through a platform. As of now, the prototype version of the platform is in the testing phase. Once the platform is officially launched, it will be the perfect tool for handling traditional assets such as stocks and treasuries.
The BNY Mellon is yet to confirm how many cryptocurrencies it is going to support for custody. For now, the bank has only specified the name of Bitcoin (BTC) and more names are expected to be revealed in the coming months.