$43,000,000,000 Financial Giant BNY Mellon Offers Bitcoin (BTC) Services to Wealthy Clients: Report
US banking giant Bank of New York Mellon Corporation (BNY Mellon) will offer Bitcoin (BTC) and other crypto custody services.
Earlier this year, BNY Mellon CFO Emily Portney emphasized the importance of mainstream financial institutions getting clear definitions of what is allowed by the SEC before offering crypto investment services to their clients.
According to a Wall Street Journal report, BNY Mellon will now become the first major US bank to hedge crypto assets alongside traditional investments on its platform.
The bank received permission from New York’s financial regulators earlier this year to store BTC and Ethereum (ETH) on its platform for customers.
Robin Vince, President and Chief Executive of BNY Mellon said:
“We are excited to advance the financial industry.”
The 238-year-old bank is the first of eight U.S. systemically important banks to custodian crypto, allowing customers to use a custody platform for traditional and crypto holdings.
According to the report, BNY Mellon will keep its customers’ keys to their crypto assets and provide the same accounting services for the crypto that it offers for stocks, bonds or commodities.
Bitcoin, the largest cryptocurrency by market cap, is trading at $19,159 at the time of writing, down 0.15% on the day. Ethereum, crypto’s leading smart contract platform, is down 0.86% on the day and is currently trading at $1,256.
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