Financial authorities in New York gave BNY Mellon permission to start keeping bitcoin and ether for certain of its customers earlier this fall.
Bank of New York Mellon (BK), the oldest lender in the United States and the largest custodian bank in the world, has added cryptocurrency to its custody services, per a press release on Tuesday.
Traditional fund managers would typically have had to find a company specializing in cryptocurrency for custody services up until now if they were interested in holding digital assets and relied on BNY Mellon (or other custodial lenders) to handle the necessary back-office tasks related to their typical securities holdings.
The keys required to access and move around their bitcoin (BTC) and ether (ETH), as well as perform other conventional bookkeeping tasks, will now be stored by BNY Mellon and made available to those fund managers.
BNY Mellon, which has been around for 238 years and has $43 trillion worth of assets under custody or administration globally, established an enterprise digital assets unit in 2021 to create digital asset solutions and a platform to connect digital and traditional asset custody.