Bank of New York Mellon to custody bitcoin and other cryptocurrencies

Bank of New York Mellon (BNY Mellon), the oldest bank of America, is set to custody bitcoin and other cryptocurrencies later this year.

The Wall Street Journal reported the news on Thursday, saying that the bank plans to eventually treat cryptocurrencies like any other asset.

“Digital assets are becoming part of the mainstream,” said Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon.

BNY Mellon is the world’s largest custodian, having more than $40 trillion worth of assets under administration. The bank’s entry into the crypto custody space would further legitimize digital assets.

BNY Mellon already works with crypto startup Bakkt to provide digital asset safekeeping, or “geographically-distributed storage” for securing private keys.

This is a developing story and will be updated…

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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