What Is The Oldest Bank In America? The Bank of New York Mellon Corporation, commonly known as BNY Mellon is the oldest bank in America. And It can now custody Bitcoin and Ethereum. Let's explore more in this article.
What Is The Oldest Bank In America?
BNY Mellon is America's oldest bank founded in 1784 by Alexander Hamilton, and it manages more than 40 trillion nominal US dollars in assets.
BNY Mellon to Start Custody Services for Bitcoin and Ethereum
BNY Mellon is ready to begin custodying cryptocurrency after receiving authorization from New York's financial regulator DFS last October. According to the report, BNY Mellon would manage a crypto asset owner's private keys in a similar way to how it manages bonds, o stock of assets on behalf of its customers. The financial institution explains that "only to select institutional clients in the US" are now able to use the crypto custody platform.
Relation between BNY Mellon and cryptocurrencies
BNY Mellon has been involved with cryptocurrencies for a while, and in October 2021 it asked Irish government officials to adopt regulatory standards for digital assets before the European Union codified regulations. Circle Financial selected the bank in April 2022 to hold the stablecoin USD coin's (USDC) reserves in custody. The next month, BNY Mellon made an investment in institutional digital asset technology provider Talos, joining other banks like Wells Fargo and Citi.
Hopefully, reading this article, "What Is The Oldest Bank In America? Financial Institution Can Now Custody Cryptocurrencies," can help you to understand it better.
