On Tuesday, the financial heavyweight BNY Mellon revealed the banking institution can now custody cryptocurrencies.
published by the Wall Street Journal says the bank is ready to begin. BNY Mellon will store a crypto asset owner’s private keys, according to the report, in a similar fashion to the way it manages bonds, stocks, and other types of assets on behalf of its customers.
BNY Mellon is America’s oldest bank founded in 1784 by Alexander Hamilton, and it manages more than 40 trillion nominal U.S. dollars in assets. In 2021, the financial giant had $2.4 trillion in assets under management . The report written by WSJ contributor Justin Baer explains that BNY Mellon says it’s the first of eight “systemically important” banks in the U.S. that have been approved by financial regulators to custody digital assets.
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