FOR BNY MELLON ALSO STARTS CRYPTO CUSTODY SERVICE

BNY Mellon is launching cryptocurrency custody services, and Bitcoin and Ethereum will be the first cryptocurrencies to benefit from this opportunity.

Earlier this fall, the multinational banking corporation formed on July 1, 2007 by the merger of The Bank of New York, founded in 1784, and Mellon Financial Corporation, founded in 1869, received approval from New York financial regulators to begin holding bitcoin and ether for some clients, meeting an increasingly felt need, in fact until now, those who used crypto services had to find a company specializing in cryptocurrencies for custody services.

Recall that in February 2021 it announced the ability to transfer and issue cryptocurrencies on behalf of its clients. Revolutionary move considering that we are talking about the oldest U.S. bank, but a forerunner of a new way of thinking, because after her, the others approached the sector more and more decisively, such as JpMorgan, Morgan Stanley and Goldman Sachs.

In March 2022 another new and important addition to the strategy of developing cryptocurrency services for its clients, through a partnership with Chainalysis, precisely in response to its willingness to assess broader cryptocurrency trends and core activity to support its compliance and due diligence practices.

The custody move by BNY Mellon will likely represent a turning point in the increasingly massive adoption by traditional Banks