Report: The Oldest Bank in America, BNY Mellon Can Now Custody Bitcoin and Ethereum
America’s oldest bank, the Bank of New York Mellon Corporation, commonly known as BNY Mellon, has announced the financial institution can now custody cryptocurrencies. A report published by the Wall Street Journal on Tuesday, says BNY Mellon was approved by the New York State Department of Financial Services (DFS), and the bank said it was the first of eight financial heavyweights to start crypto asset custody services. BNY Mellon to Start Custody Services for Bitcoin and Ethereum on Behalf of Its Customers Last fall, New York’s financial regulator DFS gave BNY Mellon (NYSE: BK) approval to custody cryptocurrencies and a report published by the Wall Street Journal (WSJ) says the bank is ready to begin. BNY Mellon will store a crypto asset owner’s private keys, according to the report, in a similar fashion to the way it manages bonds, stocks, and other types of assets on behalf of its customers. BNY Mellon is America’s oldest bank founded in 1784 by Alexa...