The American holding company BNY Mellon will allow clients to store on its platform cryptocurrencies alongside traditional financial instruments, according to WSJ.
According to the publication, the bank has received the necessary authorization from the New York regulator. For ‘selected clients’ this week there will be the opportunity to store Bitcoin and Ethereum.
The financial institution is exploring the possibility of offering crypto-custodial services to a larger client base. For storage and other asset operations, software from Fireblocks is used.
The Bank of New York, now The Bank of New York Mellon, was founded by Alexander Hamilton on 9 June 1784. It is the oldest bank in the United States.
In February 2022, BNY Mellon entered into a partnership with analytics company Chainalysis, providing tools for cryptocurrency regulatory compliance as part of its risk-management program.
In April, Circle selected the financial holding company as the primary custodian for USDC reserves.
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