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Oldest U.S. bank starts offering Bitcoin services

After approval from the New York Financial Supervisory Authority, BNY Mellon is now beginning to custody Bitcoin and Ethereum.

By Mike Hesp
• 1 min read
Oldest U.S. bank starts offering Bitcoin services

After approval from the New York Financial Supervisory Authority, BNY Mellon is now beginning to custody Bitcoin and Ethereum.

The Bank of New York (BNY) Mellon, the oldest bank in the U.S., has won approval to offer custody of Bitcoin and Ethereum for select clients. The bank announced this in a press release. The project began in February. The New York Financial Supervisory Authority has now approved it. The service launched on Tuesday.

According to the statement, the venerable bank is the first major American bank to offer digital assets alongside traditional investments.

"With more than 20 percent of the world's invested wealth, BNY Mellon has the scale to reinvent financial markets through blockchain technology and digital assets," said Robin Vince, CEO and president of the financial services provider.

The efforts come as a study showed roughly 91 percent of institutional investors are interested in token products. The company wants to meet future security and compliance requirements from clients. Specialists in digital asset technology Fireblocks and Chainalysis were brought in to help.

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