BNY Mellon Has Begun Offering a Cryptocurrency Custody Service

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Last Updated on October 13, 2022 by Bitfinsider

According to a press release that was issued on Tuesday, the Bank of New York Mellon, which is the oldest lender in the United States and the largest custodian bank in the world, has expanded its custody services to include virtual currencies.

In the past, traditional fund managers who were interested in holding digital assets – who otherwise depend on BNY Mellon (or other custodial lenders) to perform the necessary back-office tasks related to their typical securities holdings – would typically have been required to find a company that specialized in cryptocurrency in order to obtain custody services for their holdings. This is no longer the case, however, as BNY Mellon is now offering cryptocurrency custody services.

BNY Mellon will now be able to provide those fund managers with storage of the keys required to access and move around their bitcoin (BTC) and ether (ETH), in addition to the other traditional bookkeeping functions. BNY Mellon will also be able to perform the other traditional bookkeeping functions.

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