{"id":175804,"date":"2021-02-11T15:53:41","date_gmt":"2021-02-11T12:53:41","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/americas-oldest-bank-bny-mellon-will-custody-bitcoin\/"},"modified":"2021-02-11T15:53:41","modified_gmt":"2021-02-11T12:53:41","slug":"americas-oldest-bank-bny-mellon-will-custody-bitcoin","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/americas-oldest-bank-bny-mellon-will-custody-bitcoin\/","title":{"rendered":"# America’s oldest bank, BNY Mellon, will custody Bitcoin"},"content":{"rendered":"

“# America’s oldest bank, BNY Mellon, will custody Bitcoin <\/strong>”
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Bank of New York Mellon, America\u2019s oldest bank, has announced plans to hold, transfer and issue Bitcoin (BTC) and other cryptocurrencies as an asset manager on behalf of its clients.<\/p>\n

The impetus for the decision reportedly came from institutional investors \u2014 the top brass of BNY Mellon\u2019s clientele \u2014 amid the 2021 bull season for the asset class.\u00a0<\/p>\n

As the Wall Street Journal notes<\/a>, BNY Mellon is hardly the first household name in traditional finance to embrace digital assets, the likes of Fidelity Investments have long been in the game<\/a>. Yet it is the first national custody bank to commit to the introduction of cryptocurrency custody for its clientele in the short-term i.e. \u201clater this year.\u201d<\/p>\n

Roman Regelman, chief executive of the bank\u2019s asset-servicing and digital businesses, is cited by the WSJ as saying that \u201cdigital assets are becoming part of the mainstream.\u201d\u00a0<\/p>\n

According to the report, BNY Mellon plans to manage cryptocurrencies using a platform, now in prototype version, that will also be used to handle traditional holdings such a Treasuries and stocks.\u00a0<\/p>\n

Nor has BNY Mellon put any limits on which kinds of cryptocurrencies it\u2019s ready to custody. A dedicated team of bank executives, led by Mike Demissie, has reportedly been tasked with overseeing the integration of cryptocurrency custody and management into all of the bank\u2019s businesses.<\/p>\n

While BNY Mellon is pressing forward with its plans, Regelman nonetheless anticipates that full incorporation of digital assets into traditional banking infrastructure will take another three to five years.<\/p>\n