US banking giant Bank of New York Mellon Corporation (BNY Mellon) is set to offer Bitcoin (BTC) and other crypto custody services.
Earlier this year, BNY Mellon CFO Emily Portney stressed the importance of mainstream financial institutions obtaining clear definitions of what is permitted by the U.S. Securities and Exchange Commission (SEC) before offering crypto investment services to their clients.
Now, according to a Wall Street Journal report, BNY Mellon is becoming the first major US bank to safeguard crypto assets alongside traditional investments on their platform.
The bank received permission from New York financial regulators earlier this year to store BTC and Ethereum (ETH) for customers on their platform.
Robin Vince, BNY Mellon’s president and chief executive said,
“We are excited to help drive the financial industry forward.”
The 238-year-old bank is the first of the eight systemically important US banks to store cryptos and allow customers to use one custody platform for traditional and crypto holdings.
As per the report, BNY Mellon will be holding their clients’ keys to their crypto assets, and provide the same bookkeeping services on the crypto that it offers for stocks, bonds or commodities.
Bitcoin, the largest cryptocurrency by market cap, is trading for $19,159 at time of writing, down 0.15% on the day. Ethereum, crypto’s leading smart contract platform, is down 0.86% on the day, currently going for $1,256.
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