- The bank announced its ambitions to provide cryptocurrency services in February 2021.
- The bank will also make use of Chainalysis’s services to track the route of crypto assets.
Currently, BNY Mellon is willing to provide its customers cryptocurrency custody services. Companies and organizations seek to acquire digital assets as the world learns more about cryptocurrencies and the market grows.
The demand for cryptocurrency services and alternative investment options is rising globally. Banks must instead provide customers with a safe and regulated way to engage in the offer rather than just ignoring it.
Banks all across the world are attempting to analyze cryptocurrencies. A lot of businesses have already jumped in by offering cryptocurrency custody services. The Bank of New York Mellon has announced that it is now accepting applications for cryptocurrency custody services.
Offering Both Conventional and Crypto
According to the Bank of New York Mellon, it will start accepting cryptocurrency from customers on Tuesday. As a result, BNY Mellon will be the first significant US bank to provide both regular banking services and complementary digital asset protection.
Earlier this year, the New York banking regulator gave the bank its clearance. This week, the bank can start taking Bitcoin and Ethereum. The digital asset key will be stored by BNY Mellon, which will also provide accounting services like those offered for stocks and commodities.
Additionally, BNY Mellon will be the first of eight structurally significant banks in the US to provide a platform for both conventional finance and cryptocurrency. The bank announced its first ambitions to provide cryptocurrency services in February 2021. It is using Fireblocks software to store cryptocurrency and provide custodial services via it. The bank will also make use of Chainalysis’s services to track the route that crypto assets take before they arrive at the bank.
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