America’s oldest bank, Bank of New York Mellon Corp. is making the leap into the Crypto market.
In a report credited to WSJ, the New York-based bank disclosed it will hold, transfer and issue bitcoin and other digital assets on behalf of its asset-management customers.
In addition, BNY Mellon in the future will permit crypto to pass through the same processes as used by fund managers, more traditional holdings—from debt instruments to technology stock.
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At the time of writing this report, Bitcoin traded at $47,608.07 with a daily trading volume of $77 billion and is up 7.55% for the day.
BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” Roman Regelman, CEO of asset servicing and head of the digital at BNY Mellon, said in a press release.
“Growing client demand for digital assets, the maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field,” he added.
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Shares of the New York-based bank rose 2% in premarket trading following the news.
The move represents a major shift by America’s most prominent custodian banks, which specialize in the protection of the financial assets of their clients.
