Bank of New York Mellon Corp., the oldest bank in the USA, is entering the cryptocurrency market. Bank customers will be able to use their accounts to store and transfer bitcoins.
BNY Mellon, whose history goes back to 1784, begins to serve Bitcoin and crypto money owners. According to the Wall Street Journal, bank customers will be able to store bitcoin in their accounts and transfer bitcoin.
There are total assets of $ 41.1 trillion under the supervision of BNY Mellon. Serving in 35 countries, the bank manages $ 2.2 trillion in assets.
Demand from high profile customers
Some investor groups are reluctant to enter the cryptocurrency market due to legal uncertainties. This group of high-profile investors called on BNY Mellon to take a step in this direction.
“Digital assets are now becoming part of the mainstream,” Roman Regelman, who is in charge of BNY Mellon’s digital branch, told WSJ. said. Regelman said that the bank’s top customers want to buy bitcoin and cryptocurrency services.
Will not be different from other products
There are many cryptocurrency companies that offer custody services to institutional investors. The service BNY Melton will provide will not be limited to this. Bank customers will be able to use bitcoin in the same way they can use any other asset using this service.
As such, the bank will reflect the same service it offers for traditional products to bitcoin. There will be no restrictions on the amount of bitcoins that customers can store in the bank. Investors who keep crypto money in custodian companies (custodian) will be able to switch to BNY Melton.
It can be used at the end of the year
BNY Melton management expects the bitcoin service, which will include custody and transfer, to be ready by the end of the year. Having set up a special team to manage this process, the bank brought Mike Demissie as head of the team.
The use of cryptocurrencies on Wall Street is expected to become widespread. Regelman said more companies could achieve cryptocurrency integration in the next three to five years.