US bank BNY Mellon will offer bitcoin services
The plan is set to maintain, transfer and issue cryptocurrencies under the modality of asset manager on behalf of its clients
The oldest bank in the United States, BNY Mellon, has reported on its new plans to safeguard bitcoin and other crypto, in order to hold, transfer and issue digital assets under the form of asset manager on behalf of its clients.
The initiative comes after institutional investors, corresponding to the top ranks of BNY Mellon’s clientele, insisted on this measure after seeing the significant impact that cryptos have manifested in the financial market on a global scale.
As the Wall Street Journal points out, BNY Mellon is not the first in traditional finance to adopt digital assets. Other companies like Fidelity Investments have also joined the management of cryptocurrencies, due to the impact they have on the traditional world.
According to the report issued by the entity where it announces the new measures, it is specified that BNY Mellon plans to execute its plan through a platform, now in a prototype version, which will also be used to manage traditional holdings such as Treasury bonds and stocks.
However, the old bank has not placed limits on the type of cryptocurrencies it will guard, what is known is that a specialized team of bank executives, led by Mike Demissie, will be in charge of supervising the integration of custody and cryptocurrency management in all the bank’s businesses.
K.Villarroel
Source: cointelegraph
