BNY Mellon received the necessary approval from New York’s financial watchdog earlier this year. The WSJ report from October 11 informed that the service is already available for bank customers.
They can deposit their bitcoin and ether holdings, and the banking giant will store the keys required to access and transfer the assets.
Fund managers will have the same bookkeeping services for crypto assets as they have for stocks, commodities, bonds, etc.
Robin Vince, BNY’s president and chief executive, said:
“We are excited to help drive the financial industry forward.”
BNY Mellon has been at the forefront of cryptocurrency adoption among US banking organizations. While some, such as JPM, continue to doubt the industry, BNY launched custodian services for institutions in early 2021.
Since then, the bank has enabled other similar features while also predicting that bitcoin could transform the financial world. Most recently, the CEO said crypto could drive the bank’s revenue higher starting from 2023.