Cryptocurrency is coming to the oldest U.S. bank in what experts are calling a major milestone that adds an "aura of legitimacy" to the crypto industry.
Bank of New York Mellon said select clients can now hold and transfer bitcoin and ether via the bank's platform, according to a recent news release. This makes BNY Mellon the first large U.S. bank to safeguard cryptocurrencies in a similar fashion to stocks and bonds, according to The Wall Street Journal, which first reported the news. The bank will store clients' crypto keys and offer some of the bookkeeping services to fund managers that it does for their other financial assets.
Major players in the traditional finance space have long expressed skepticism, and sometimes even hostility, when it comes to cryptocurrency. J.P. Morgan Chase CEO Jamie Dimon, for example, has called bitcoin "worthless" and a "fraud." Securities and Exchange Commission chairman Gary Gensler and Treasury Secretary Janet Yellen have pointed out crypto's...
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