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