BNY Mellon Moves to Expand Crypto Custody With Regulatory Support

BNY Mellon, one of the world’s largest custodian banks, is preparing to offer bitcoin and ether custody services for exchange-traded product (ETP) clients.

Following a review by the SEC, the bank determined that crypto assets held for these clients wouldn’t count as balance-sheet liabilities, allowing BNY to move forward with its plans. As BNY Mellon manages over $50 trillion in assets, it aims to expand its presence in the lucrative crypto custody market, seeking further regulatory approvals to offer large-scale services. This move positions BNY to capitalize on the growing demand for crypto-related ETPs.

Clever Robot News Desk 28^th September 2024