America’s oldest bank has entered the world of crypto.
The Bank of New York Mellon said Thursday that it will begin storing bitcoin and other digital currencies for its asset-management clients.
The move follows Mastercard’s announcement this week that its network will be facilitating crypto payments.
The custody bank will eventually allow digital currencies to pass through the same financial network it currently uses for more traditional holdings such as US Treasury bonds and equities after months of analysis of its prototype digital asset framework, CNBC and the Wall Street Journal report.
“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, said in a press release
“Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field.”
The bank is part of a growing wave of staid, mainstream companies that are putting bitcoin on their balance sheets, including insurance giant MassMutual and asset manager Fidelity Investments.