Oldest US Bank BNY Mellon Sets Up Crypto Unit to Offer Bitcoin Services – Finance Bitcoin News
The Bank of New York Mellon, BNY Mellon, has created a digital assets division. The oldest U.S. bank plans to “hold, transfer and issue” bitcoins and other cryptocurrents on behalf of its clients. Ultimately, the bank wants to treat cryptocurrencies like any other asset.
BNY Mellon goes crypto knowledge.
America’s oldest bank, BNY Mellon, on Thursday announced “the creation of a new digital assets division that will accelerate the development of solutions and capabilities to help clients meet the growing and changing challenges associated with the growth of digital assets, including cryptocurrency. ”
BNY Mellon is a global investment company with operations in 35 countries. As of December 31, 2020, the bank had $41.1 trillion in assets under custody and/or management, according to its website.
“BNY Mellon is proud to be the first global bank to announce its intention to offer an integrated service for digital assets,” said Roman Regelman, director of asset servicing and head of digital at the bank. “Subject to further evaluation and approvals, we plan to offer these innovative and industry-changing features later this year.
The team is led by Mike Demissie, head of Advanced Solutions at BNY Mellon. He commented:
The Digital Assets Division plans to establish a secure infrastructure for the transfer, storage and delivery of digital assets.
“Enabling the use of digital assets is critical to transforming the future of custody,” said Caroline Butler, head of custody at BNY Mellon. “Our capabilities in digital assets are expected to contribute to the advancement of the financial industry, including in the areas of responsible custody, collateral management, underwriting, investment management and other segments.
Although the bank’s official statement does not specify which cryptocurrencies will be supported, the Wall Street Journal reported that the bank will “hold, transfer and issue BTCs and other cryptocurrencies on behalf of its wealth management clients.” In the future, the bank plans to treat digital currencies like any other asset.
Mr. Regelman explained that “digital assets are increasingly becoming part of the mainstream,” noting that “until now, these fund managers have had to use separate custodians for their cryptocurrency assets.”
What do you think about BNY Mellon offering Bitcoin services? Let us know in the comments section below.
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