Breaking: 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.