The largest crypto asset manager in the world, Grayscale Investment has entered into a partnership with the oldest bank in the US, BNY Mellon. According to details of the partnership, the bank would be offering administrative and accounting services to Grayscale’s Bitcoin Trust fund (GBTC).
The announcement revealed that the partnership is going to begin operations by October 1, 2021 with the bank offering several of its services to the fund. Not only that, the bank would also be working towards helping the fund achieve its goal of conversion into an exchange-traded fund.
It would be recalled that Grayscale has consistently maintained that it would like to change its fund into a Bitcoin ETF. However, the Securities and Exchange Commission (SEC) has refused to approve any crypto ETF in the country.
The CEO of Grayscale, Michael Sonnenshein, described the partnership as an important step for the crypto firm. According to him, “engaging BNY Mellon is an important milestone as part of our commitment to converting Grayscale Bitcoin Trust into an ETF. BNY Mellon has a long-standing reputation as a trusted provider and has established one of the first teams dedicated to servicing the growing digital currency asset class.”
The New York-based bank, which launched a BTC custody service for its institutional clients, has expressed its commitment to the crypto space. Per a report, it recently expanded its products and filed with SEC for authorization to become SkyBridge Capital’s Bitcoin ETF service provider.