BNY Mellon to Begin Crypto Custody Service: Report
The world's largest custodian bank and the oldest lender in the U.S., Bank of New York Mellon (BK) will add cryptocurrencies to its custody services this week, according to a story by the Wall Street Journal (WSJ.)
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.
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.
Read More: Nasdaq Starts Crypto Custody Service for Institutional Clients