Buy $GGsBreaking: First Ever Major U.S. Bank Launches Crypto Custody Service
In a landmark development in the traditional financial service industry, a major U.S. bank announced launch of crypto custody services. The move makes the bank the first one to store crypto besides traditional investments. Earlier this year, New York’s financial regulator gave approval to the bank to receive Bitcoin (BTC) and Ethereum (ETH). The approval to receive user assets in crypto comes into effect this week. In the midst of a crypto winter environment, this move could prove to be significant in the long term.
BNY Mellon To Offer Clients Crypto Custody Service
BNY Mellon, the oldest bank in the U.S., is launching crypto custody services starting Tuesday. According to a Wall Street Journal report, the bank will store private keys to access and transfer user assets. In a statement, Robin Vince, BNY Mellon’s president and chief executive, expressed happiness over the new development. “We are excited to help drive the financial industry forward.” Subject to pending regulatory approvals, the bank could spread its services to more clients in near future.
The launch of crypto custody services marks yet another step forward as the crypto adoption spreads to mainstream institutions. Prior to this, crypto custody services were available only with private non-banking entities. Recently, Blackrock, the world’s largest asset manager, joined hands with Coinbase to give its users access to crypto services. The partnership paved way for Blackrock’s institutional clients to get access to crypto services provided by Coinbase Prime.
Google’s Crypto Move
Earlier on Tuesday, Google announced it would use Coinbase’s services for its Cloud crypto payments. Starting Starting early 2023, a few Google Cloud users would be able to pay for the Cloud services with cryptocurrencies. This partnership could have massive implications in the world of technology with the adoption by Google. Also, Google could possibly expand the crypto payments scope to its other products.
Play 10,000+ Casino Games at BC Game with Ease
- Instant Deposits And Withdrawals
- Crypto Casino And Sports Betting
- Exclusive Bonuses And Rewards
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Breaking: Morgan Stanley Applies For Crypto-Focused National Trust Bank With OCC
- Ripple Could Gain Access to U.S. Banking System as OCC Expands Trust Bank Services
- $2T Barclays Explores Blockchain For Stablecoin Payments and Tokenized Deposits
- Breaking: U.S. PPI Inflation Rises To 2.9%, BTC Price Falls
- XRP News: Ripple-Backed Ctrl Alt Completes $280M in Diamond Tokenization on XRPL
- Top Analyst Predicts Pi Network Price Bottom, Flags Key Catalysts
- Will Ethereum Price Hold $1,900 Level After Five Weeks of $563M ETF Selling?
- Top 2 Price Predictions Ethereum and Solana Ahead of March 1 Clarity Act Stablecoin Deadline
- Pi Network Price Prediction Ahead of Protocol Upgrades Deadline on March 1
- XRP Price Outlook As Jane Street Lawsuit Sparks Shift in Morning Sell-Off Trend
- Dogecoin, Cardano, and Chainlink Price Prediction As Crypto Market Rebounds
