BNY Mellon, the oldest bank in the United States, announced that it will start receiving cryptocurrencies from its customers.
BNY Mellon has received approval from New York’s financial regulator to start buying Bitcoin (BTC) and Ethereum (ETH) for customers starting this week. This move represents an important milestone for traditional banks. It also leads to increasing acceptance of digital assets as a legitimate market and a new source of business.
BNY Mellon Will Store Crypto Assets
BNY Mellon, one of the oldest banks in the USA, is launching its crypto services. The bank said it will be the first major US bank to protect digital assets alongside traditional investments.
The bank will store the keys needed to access and transfer these assets and provide fund managers with the same bookkeeping services in digital currencies it offers for portfolios of stocks, bonds, commodities and other assets.
Robin Vince, chairman and CEO of BNY Mellon, said in a statement:
“We are excited to help move the financial industry forward”
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