BNY Mellon Custodial News Pushes Bitcoin Price to new All-time High

Bitcoin price has set a new all-time high after the oldest bank in America, BNY Mellon announced it was going to begin providing crypto custodial services for its international clients. The crypto king saw its value rise to $48,297 which beats the previous high by just $71. 

Immediately news broke out of the leading bank’s intention to hold and carry out transactions in cryptocurrencies on behalf of their asset-management clients, more buyers stepped into the ring which pushed the price of the asset to its new ATH. A crypto analyst, Alex Kruger, was quick to tweet that “Bitcoin is loving the BNY Mellon news. It’s a very big deal.”

In just this week alone, institutional investors have made the value of the asset rise by over 22%. Tesla’s earlier purchase of the crypto asset made the value of the asset surge into new heights, coupled with Mastercard’s announcement that it was going to enable support for its merchants to receive BTC as a payment option, the price of the coin responded positively to all of this news.

BNY Mellon to Offer Crypto Custodial Services

BNY Mellon is undeniably the largest custodian bank in the world as it has assets that are worth well over $40 trillion in its coffers. Its intention to move into custodial services for crypto assets means it has overtaken the likes of CitiBank and JP Morgan in the field.

The bank’s head of advanced solutions, Mike Demissie, states that their services would be determined by “client interest and demand, and we also stayed tuned to regulatory activity to make sure we are supporting assets that are allowed in a particular market.” He went on to confirm that the bank would be working with some crypto-native custody tech firms that would help the bank build its custody solution. The bank executive, however, failed to mention any of these institutions.

Linda Lacewell, who is the superintendent of the New York State Department of Financial Services, tweeted that a bank of the standing of BNY Mellon does not need to obtain a BitLicense before it can provide such services.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts