BNY Mellon licensed from New York state regulator to handle two cryptocurrencies. Review by Crypto-Upvotes experts
The oldest U.S. bank BNY Mellon began to provide services for cryptocurrency storage, writes The Wall Street Journal. For this purpose, the company received a license from the financial regulator of New York.
Bank will store the keys needed to access and transfer the cryptocurrency. It will also provide accounting services for Bitcoin and Ethereum.
BNY Mellon claims to be the first of eight systemically important U.S. banks to provide custody services for digital currencies. And it allows customers to use one custody platform for both traditional and cryptocurrency assets.
The platform will go live with select investment-fund firms this week. The bank said it expects to expand its crypto custody offerings to additional clients in the future, pending regulatory approvals.
In the summer of 2021, BNY joined a group of six banks that plan to launch Pure Digital, a digital asset trading platform. At the time, the bank said it would roll out cryptocurrency infrastructure as the legal and regulatory framework emerged.