BNY Mellon Said to Hire Fireblocks for Bitcoin Custody Service
Earlier this month, America’s oldest bank said it was using outside partners for its crypto custody service but did not name names.
The world’s largest custodian bank will begin handling accounting and administration services for the Grayscale Bitcoin Trust in October.
Despite its parent company's recent foray into the industry, the subsidiary is calling for caution on investing in assets like bitcoin.
BNY Mellon and State Street join four other firms in backing the platform.
The custody bank would provide ETF basket operations, order taking, fund accounting, fund administration and transfer agency services.
The Series C round was led by Coatue – with participation from BNY Mellon.