• WomELLE
  • Contact Us
  • Writers
  • Write For Us
  • Submit Article
No Result
View All Result

No products in the cart.

  • Login
WomLEAD Magazine
Podcast
SUBSCRIBE
  • Home
  • Magazine
  • Business
  • HER Story
  • Founders & CEOs
  • Leadership
  • Mentoring
  • Women
  • Wellness
  • Home
  • Magazine
  • Business
  • HER Story
  • Founders & CEOs
  • Leadership
  • Mentoring
  • Women
  • Wellness
No Result
View All Result
WomLEAD Magazine
No Result
View All Result
Home Women Today
BNY Mellon, the Oldest US Bank Will Hold Crypto Now 

BNY Mellon, the Oldest US Bank Will Hold Crypto Now 

The Editorial Team by The Editorial Team
October 11, 2022
in Women Today
Reading Time: 3 mins read

Founded by Alexander Hamilton, BNY Mellon, the oldest US Bank, is one of the first large financial institutions in the country to safeguard digital assets like cryptocurrency alongside traditional investments.  

The country’s oldest bank said that it would start receiving cryptocurrencies on Tuesday and become the first US bank to safeguard digital assets. Earlier this fall, BNY Mellon received the approval of New York’s financial regulator to begin receiving bitcoin and ether from selected customers starting this week.  

The BNY Mellon will store the keys required to transfer and access these digital assets and provide bookkeeping services on those digital currencies to help managers fund their portfolios of stocks, bonds, commodities, and other assets.  

The move is an important milestone concerning the traditional banks in the United States and their growing acceptance of digital assets in the legitimate market and as a source of new business. At the same time, many Wall Street executives are still anxious about the potential of cryptocurrencies and advise people to tread cautiously until Washington does not clarify how the market will be regulated. Many financial firms have responded positively to the calls from a growing number of clients who hold digital assets to step into their traditional role as intermediaries. 

Money managers have relied on BNY Mellon for a long time and other custody banks for an array of back-office functions, including tracking changes to the value of their assets. Founded more than two centuries ago by Alexander Hamilton, BNY Mellon remains the biggest custody bank in the world.  

ADVERTISEMENT

Until now, fund managers had to take custody of their digital assets with a crypto specialist. BNY Mellon, now the first of the eight systemically important banks in the US to store digital currencies, will allow customers to use just one custody platform for both their traditional and crypto holdings.  

“We are excited to do our bit in driving the financial industry forward,” BNY Mellon’s president and chief executive, Robin Vince, said in a statement.  

BNY Mellon unveiled the plans concerning digital assets in February 2021, wherein it said that the bank would hold and transfer cryptocurrencies on behalf of investment firms. It has since integrated its crypto/digital asset custody business into the core accounting platform. The bank is currently using software developed by Fireblocks that will help it store its digital holdings. Chainalysis software will also help BNY Mellon to analyze and track the assets and their path before they arrive at the bank.  

The platform is slated to go live with select investment-fund firms this week. The bank also said that it hopes to expand the crypto custody offerings to more clients in the future following the pending regulatory approvals.  

This year, a dramatic selloff in digital assets wiped out $2 trillion in value from the crypto market, reminding individual investors and institutions with deep pockets that the market is volatile. The downturn in the crypto market also caused the collapse of numerous prominent crypto firms. It renewed the calls to impose stricter investor protections on those firms that trade, store and lend digital assets. 

Earlier this month, a panel of US officials also called for tougher oversight. The Financial Stability Oversight Council, which was chaired by Treasury Secretary Janet Yellen, implored Congress to consider legislation to plug the gaps in the already existing securities regulations. In August, Gary Gensler, Securities and Exchange Commission Chairman, said that the digital assets market is riddled with “abuse, fraud, and scams.”  

According to the latest survey commissioned by BNY Mellon, many investment managers remain eager to invest in Digital assets. Nearly 41% of 271 institutional investors said they were holding cryptocurrencies. BNY Mellon further said that another 15% would likely hold Crypto assets in their portfolios in the next two to five years.   

Tags: Bank of New York MellonBitcoin marketCrypto Custody Servicecrypto marketcryptocurrenciesCryptocurrency Custody Businesscustody of cryptocurrencyFinance bitcoinOldest American Banksafeguard digital assets
Share36Tweet22Share6
The Editorial Team

The Editorial Team

Hi there, we are the editorial team for WomELLE to help you succeed in business. WomELLE is a community working to support women by helping them achieve their business goals through specialty services, leadership, mentoring, and networking. The magazine "WomLEAD" is to help you succeed as an entrepreneur, business owner and leader.

Related Posts

America’s 10 Most Successful Businesswomen
Women Today

America’s 10 Most Successful Businesswomen

March 20, 2023
Why Men Should Support Sisterhood for Women?
Women Today

Why Men Should Support Sisterhood for Women?

March 17, 2023
The Value of Women Coming Together
Women Today

The Value of Women Coming Together

March 16, 2023
Next Post
4 Personality Types

Communicating with the 4 Personality Types in the Workplace 

Create a Perfect 30-60-90 Day Plan

How to Create a Perfect 30-60-90 Day Plan? 

How to Cut Business Costs

How to Cut Business Costs Without Layoffs

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

WomLEAD Magazine

A print and digital magazine for businesswomen focusing on leadership, business, and entrepreneurship that made its debut in 2017 has WomELLE Magazine.

Follow us on social media:

Recent News

  • America’s 10 Most Successful Businesswomen
  • Ayoka Essentials Founder Epiphanie Yohou Promotes Sustainable Products and Giving Back to the Community
  • Tess Cox and Chelsea Cox Gillman: A Mother-Daughter Duo Coaching Executives and Teams Toward Stronger Leadership

Category

  • Business
  • Female Founders
  • Founders & CEOs
  • HER Story
  • Leadership
  • Mentoring For Women
  • Wellness
  • Women Today

Recent News

America’s 10 Most Successful Businesswomen

America’s 10 Most Successful Businesswomen

March 20, 2023
Ayoka Essentials Founder Epiphanie Yohou Promotes Sustainable Products and Giving Back to the Community

Ayoka Essentials Founder Epiphanie Yohou Promotes Sustainable Products and Giving Back to the Community

March 20, 2023
  • About
  • Contact
  • Privacy Policy
  • Terms & Conditions

© 2023 WomLEAD Magazine from WomELLE, Corp.

No Result
View All Result
  • Home
  • Magazine
  • Podcast
  • Business
  • Founders & CEOs
  • HER Story
  • Leadership
  • Mentoring
  • Wellness
  • Women Today

© 2023 WomLEAD Magazine from WomELLE, Corp.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?