Bank of New York Mellon has become first major U.S. banking institution to act as cryptocurrency custodian
Bank of New York Mellon, the oldest American bank, has announced that its cryptocurrency custody platform is now live in the U.S., according to a Tuesday press release.
Its select clients can now hold and transfer Bitcoin and Ether, the two largest cryptocurrencies, without relying on a crypto-native company.
Robin Vince, chief executive officer of BNY Mellon and member of the board of directors, said that his bank has the ability to “reimagine” global financial markets with the help of blockchain technology.
The Wall Street Journal initially broke the news earlier today, stating that BNY Mellon can begin receiving clients’ crypto starting this month after receiving regulatory approval.
As reported by U.Today, BNY Mellon, which was founded by American revolutionary Alexander Hamilton, embraced Bitcoin back in February 2021. Back then, it announced that its customers would be able to hold and transfer the largest cryptocurrency later in the year. Back then, the cryptocurrency bull run was in full swing.
In February, British media outlet City A.M. reported that BNY Mellon was developing a custody platform for digital assets in partnership with crypto custodian Fireblock. The oldest U.S. bank participated in the firm’s Series C funding round in March 2021.
In late March, cryptocurrency firm Circle picked BNY Mellon as its primary custodian responsible for managing the reserves that back USD Coin (USDC), the second biggest stablecoin.