Fun

Oldest US Bank BNY Mellon Sets Up Crypto Unit to Offer Bitcoin Services

News Feed - 2021-02-13 12:02:22

Oldest US Bank BNY Mellon Sets Up Crypto Unit to Offer Bitcoin Services


The Bank of New York Mellon, BNY Mellon, has set up a digital asset unit. The oldest bank in the U.S. plans to “hold, transfer, and issue” bitcoin and other cryptocurrencies on behalf of its clients. The bank aims to eventually treat cryptocurrencies like any other assets. BNY Mellon Gets Into Crypto


The oldest bank in the U.S., BNY Mellon, announced Thursday “the formation of a new enterprise digital assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets, including cryptocurrencies.”


BNY Mellon is a global investments company with a presence in 35 countries. As of Dec. 31, 2020, the bank had $41.1 trillion in assets under custody and/or administration, and $2.2 trillion in assets under management, according to its website.


“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” said Roman Regelman, the bank’s CEO of Asset Servicing and head of Digital. “Pending further evaluations and approvals, we expect to begin offering these innovative and industry-shaping capabilities later this year.”


The team will be led by Mike Demissie, head of Advanced Solutions at BNY Mellon. He commented: The digital assets unit plans to deliver a secure infrastructure for transferring, safekeeping and issuing digital assets.



“Enabling the use of digital assets is critical to transforming the future of custody,” said Caroline Butler, BNY Mellon’s head of Custody. “Our digital asset capabilities should help evolve the way the financial industry operates, including custody, collateral management, issuance, investment management and other segments.”


While the bank’s official announcement does not mention which cryptocurrencies will be supported, the Wall Street Journal reported the bank “will hold, transfer and issue BTC and other cryptocurrencies on behalf of its asset management clients.” The bank further plans to eventually treat digital currencies like any other assets.


Regelman explained that “Digital assets are becoming part of the mainstream,” noting that “Until now, those money managers have had to use separate custodians for their cryptocurrency holdings.”


What do you think about BNY Mellon offering bitcoin services? Let us know in the comments section below. Mastercard Will Start Supporting Cryptocurrencies Directly on its Network FINANCE | 1 day ago Bitcoin Futures Open Interest Smashes $15 Billion, CME Registers Over $33 Million in ETH Contracts FINANCE | 3 days ago Tags in this story bank of new york, bank of new york mellon, Bitcoin custody, bitcoin service, BNY Mellon, bny mellon bitcoin, bny mellon crypto, bny mellon cryptocurrency


Image Credits: Shutterstock, Pixabay, Wiki Commons Spot-markets for Bitcoin, Bitcoin Cash, Ripple, Litecoin and more. Start your trading here. Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments

News Feed

P2P Bitcoin Trading: Venezuela, Colombia Account for Over 23% of Total Localbitcoins Volume
P2P Bitcoin Trading: Venezuela, Colombia Account for Over 23% of Total Localbitcoins Volume A study revealed a rising trend in bitcoin (btc) volume trading acros
Bitcoin chart bull flag is a ‘strong bullish setup’ — Analyst
Zoltan Vardai7 hours agoBitcoin chart bull flag is a ‘strong bullish setup’ — AnalystBull flags are historically associated with more upside momentum, but Bitcoin price could still use a catalyst before rallying to
US Govt Moves 54.9 billion Shiba Inu, But SHIB Could Explode By 130%
Este artículo también está disponible en español. A wallet linked to the United States government has transferred over 54 billion Shiba Inu (SHIB) tokens to a newly creat
Solana drops 5% on new FTX plan, quick rebound to wipe $125M shorts
Ciaran Lyons2 hours agoSolana drops 5% on new FTX plan, quick rebound to wipe $125M shortsIf Solana recovers as quickly as it has in recent times, approximately $125 million in short positions will be liquidated.1061 Tot
Onkar Singh13 minutes agoHow to host an event in the metaverseFrom pre-event planning to virtual execution, discover the steps to create an immersive and engaging digital experience that captivates the audience.45 Total
Ruling Party Sources Deny Plan to Levy 40% Tax on Crypto Yields in Turkey
Ruling Party Sources Deny Plan to Levy 40% Tax on Crypto Yields in Turkey The government in Turkey does not intend to impose a 40-percent levy on crypto-related gains as has been a
Tristan Greene5 hours agoLaw professor says blockchain tech could ‘revolutionize’ copyright officesAccording to the research, blockchain provides several game-changing benefits for intellectual property licensing and
Crypto Downturn Floods Market With Rolex and Patek Watches, Trading Platform Says
Crypto Downturn Floods Market With Rolex and Patek Watches, Trading Platform Says The latest troubles in the crypto space have allegedly led to an increased supply of second-hand l
Seaside Resort in Slovenia Promotes Itself With NFTs
Seaside Resort in Slovenia Promotes Itself With NFTs The tourism organization in Portorož, a summer resort on the Adriatic coast of Slovenia, has decided to promote the desti
XRP Targets $33 To $50 By September 2027, Research Firm Says
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
David Attlee1 hour agoBank of China: Platforms must provide digital yuan retail payment optionIn the short term, e-commerce platforms can integrate the CBDC through QR codes.1746 Total views36 Total sharesListen to artic
Turner Wright2 hours agoJump Crypto filed docs confidentially in SEC v. Terraform Labs caseThe trading firm and its CEO, Kanav Kariya, allegedly manipulated the price of TerraUSD to gain roughly $1.3 billion in profits.4