- Bitcoin has attracted the attention of a national custody bank
- Bank of New York Mellon has plans to facilitate its clients with crypto hold, transfer, and issue services
- The bank will handle traditional treasuries and stock on the same platform it will custody cryptos
Bitcoin has performed tremendously in recent months and is getting more mainstream attention from several financial institutions and banks. Recently, Bank of New York Mellon (BNY Mellon), the oldest bank of America has revealed plans to hold, transfer, and issue cryptocurrencies as an assets manager on behalf of users.
Bitcoin to be embraced by national custody bank
According to the announcement, BNY Mellon is the first national custody bank to embrace Bitcoin and other cryptocurrencies. However, the bank is hardly the first household name in traditional finance to embrace virtual assets, as Fidelity Investments’ likes have long been in the match. Indeed, this is the first time one of the big custody banks has unveiled a path for treating cryptos as any other assets.
According to Roman Rogelman, BNY Mellon’s chief executive, virtual assets are becoming part of the mainstream. The decision of the bank came reportedly from the institutional investors, which is the top brass of the bank’s clientele after this year’s bull season for the asset class.
BNY Mellon will also handle traditional treasuries and stock
It is known that BNY Mellon has plans to manage the crypto assets using a platform. Currently, the platform is in the prototype version. Despite the crypto assets, the platform will also be used to handle traditional holdings like treasuries and stock. However, yet the bank has not put any limits on which kinds of virtual currencies are ready for custody.
It is also known that a dedicated team led by Mike Demissie will be overseeing the facts to integrate the crypto custody and management into all of bank’s businesses. On the other hand, Rogelman also mentioned that full incorporation of the banking infrastructure would take another three to five years.
Real adoption of cryptocurrency has finally started
Following the Bitcoin market’s current scenario, one should now be ready for positive news to surprise regularly. Such news will also be helping the market to surge higher. Following BNY Mellon’s news, the price of the coin designed by Satoshi Nakamoto jumped to $48,000 from near $46,200. However, several international banks have already announced their cryptocurrency moves while trying not to be left behind.
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