Oldest US Bank Launches Crypto Custody Services

• The oldest and largest custodian bank, Bank of New York Mellon (BK) began to offer cryptocurrencies for its custody services.
• On Tuesday, the Bank of New York Mellon became the first bank to store crypto alongside traditional investments.

The crypto community has added yet another new financial institutional member to their list. On Tuesday, Bank of New York Mellon (BK), the world’s largest custodian bank and the oldest lender in the U.S began to offer cryptocurrencies to its custody services.

The 238 yr old bank and still standing became the first bank to store crypto alongside traditional investments. Earlier this year, the New York regulators gave a green light to the bank to receive Bitcoin (BTC) and Ethereum (ETH).

In this case, the bank will be able to hold private keys and transfer its client’s assets. Remarking about the glad tidings, Robin Vince, BNY Mellon’s president and chief executive stated;

“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets, We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey.”

Institutional Investors Thirsty for Digital Assets.

A recent study sponsored by the Bank of New York Mellon showed that in recent times, institutional investors are in dire need of a resilient, scalable financial infrastructure built to host both traditional and digital assets.

The study showed up to 91% of all institutional investors are inquisitive about tokenized products. Additionally, 41% have included cryptocurrencies in their portfolios with an additional 15% having the idea of adding crypto into their portfolios in the next 5 to 10 years.

The launch of crypto custody has marked a huge milestone in crypto adoption, especially in an institutional investment where the fire is still kindling. Before this, crypto custody services used to be popular only with private non-banking entities.

Just days ago, the fifth biggest bank in the US, the U.S Bank announced that it would be adding cryptocurrency custody services exclusively to fund managers. The big development would enable investment managers to store private keys for Bitcoin, Bitcoin Cash, and Litecoin.