America's oldest bank is adding crypto services. Bank of New York Mellon announced it will begin receiving customers' Bitcoin and Ethereum cryptocurrencies on Tuesday, the Wall Street Journal reported.
With the news, Bank of New York Mellon will be the first large U.S. bank to hold digital and traditional investments on the same platform. It received approval from New York financial regulators earlier this fall and will roll out to select customers this week. BNY Mellon will store access keys for transferring crypto assets. It will also provide bookkeeping services for cryptocurrencies, similar to the ones the bank provides for fund managers.
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Last February, Bank of New York Mellon announced plans for crypto custody services for financial institutions and integrated that business into its accounting platform, the WSJ reports. That platform launches for select investment firms this week and will expand, dependent on regulatory approval.
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