BNY Mellon adds crypto to its $43 trillion custody business. Why that's important for digital asset adoption

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Bank of New York Mellon is extending its reach into digital assets, which should give more investors comfort, says portfolio manager.

Bank of New York Mellon, the world’s largest custodian bank, said it would start storing clients’ crypto assets as of Tuesday, despite the price mayhem of digital assets.

The service allows certain clients to hold and transfer bitcoin BTCUSD and ether ETHUSD through BNY Mellon, the lender said in a statement Tuesday. The addition makes BNY Mellon BK the largest U.S. bank to offer safekeeping of both crypto and traditional assets. The move could boost institutional adoption for digital assets, as BNY Mellon, with $43 trillion assets under custody as of June, has existing relationships with many financial heavyweights.

The bank’s move also indicated that it “at least thinks that the opportunity exists in that we will get regulation in the space that will allow institutional growth moving forward,” Russell added.

 

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