BNY Mellon Starts Crypto Custody Service

The custodial lender earlier this fall received approval from financial regulators in New York to begin holding bitcoin and ether for certain customers.

AccessTimeIconOct 11, 2022 at 12:32 p.m. UTC
Updated Oct 11, 2022 at 4:06 p.m. UTC

Stephen Alpher is CoinDesk's co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

The world's largest custodian bank and the oldest lender in the U.S., Bank of New York Mellon (BK), has added cryptocurrencies to its custody services, according to a press release on Tuesday.

To this point, traditional fund managers interested in holding digital assets – who otherwise rely on BNY Mellon (or other custodial lenders) to perform the necessary back-office tasks related to their usual securities holdings – typically would have had to find a firm specializing in cryptocurrency for custody services.

The Wall Street Journal reported the news earlier.

BNY Mellon will now be able to provide those fund managers with storage of the keys necessary to access and move around their bitcoin (BTC) and ether (ETH), as well as the other traditional bookkeeping functions.

UPDATE (Oct. 11, 2022 13:10 UTC): Updates headline and first paragraph with the confirmation.

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Stephen Alpher is CoinDesk's co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.

CoinDesk - Unknown

Stephen Alpher is CoinDesk's co-regional news chief, Americas. He holds BTC and ETH above CoinDesk’s disclosure threshold of $1,000.