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.
This is a developing story and will be updated…
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