BNY Mellon, the first major US bank to launch Crypto Custody
In a historic development in the traditional financial services industry, a major US bank has announced the launch of crypto custody services. The move makes the bank the first to store crypto in addition to traditional investments. Earlier this year, New York’s financial regulator gave the bank approval to receive Bitcoin (BTC) and Ethereum (ETH). Permission to receive user assets in crypto goes into effect this week. In the middle of a crypto winter environment, this development could prove to be significant in the long term.
BNY Mellon will offer its clients a crypto custody service
BNY Mellon, the oldest bank in the United States, is launching crypto custody services from Tuesday. According to a Wall Street Journal report, the bank will store private keys to access and transfer user assets. In a statement, Robin Vince, Chairman and CEO of BNY Mellon, expressed his delight at the new development. “We are excited to help drive the financial industry forward.” Subject to pending regulatory approvals, the bank may expand its services to more customers in the near future.
The launch of crypto custody services marks another step forward as crypto adoption expands to mainstream institutions. Previously, crypto custody services were only available with private, non-bank entities. Recently, Blackrock, the world’s largest asset manager, partnered with Coinbase to give its users access to crypto services. The partnership paved the way for Blackrock institutional clients will have access to crypto services provided by Coinbase Prime.
Google’s Crypto Movement
Earlier Tuesday, Google has announced that it will use the services of Coinbase for its Cloud Crypto Payments. In early 2023, a few Google Cloud users may pay for cloud services with cryptocurrencies. This partnership could have massive implications in the tech world with adoption by Google. Additionally, Google may eventually extend the reach of crypto payments to its other products.
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