America’s Oldest Bank, Bny Mellon, Launches New Crypto Custody Platform

 


Original Content- Business Upside 

On Tuesday, America’s oldest bank declared that it would begin accepting cryptocurrency deposits from clients. It is the first significant bank to secure digital and traditional money on the same platform. BNY Mellon received permission from New York’s financial watchdog earlier to accept bitcoin from a small group of clients. In addition to providing similar bookkeeping services on such virtual currencies as it does for fund managers’ portfolios of equities, commodities, bonds, and other such holdings, the bank will hold the keys needed to acquire and transmit those assets.

The move marks a pivotal moment in traditional banks’ acceptance of digital assets as a legitimate market and a new revenue source. Some people remain sceptical of cryptocurrency’s potential and intend to proceed with caution. However, Washington clarifies how well they will control the market. Businesses have reacted to calls from an increasing number of significant investment-firm customers to assume their primary function as intermediaries.

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