Bank of New York Mellon, whose value is $ 2 trillion, has decided to integrate Bitcoin into its services. According to a report published by The Wall Street Journal, the bank will be the custodian of its customers’ BTC funds and other digital assets.
Roman Regelman, CEO of the banking institution, stated that assets like Bitcoin are starting to enter the mainstream. That’s why the bank is trying to stay at the forefront of innovation by launching its own crypto services. According to the report, the institution plans to treat Bitcoin “like any other entity” under its management.
Like PayPal, Bitcoin custody can extend to other products and services, but Regelman thinks it’s wise to see how much their customers will benefit from the custody service and whether there will be demand for other products.
In addition, it is known that their plan is to allow their customers to use BTC through the system that enables the transfer of all traditional assets managed by the banking institution. A prototype has been created that will allow them to measure their customers’ interest and engagement in achieving their goals.
BNY Mellon’s CEO stated that regulations will be an important factor in determining the future of crypto services.
The news was considered a bullish signal. Morgan Creek Digital co-founder Anthony Pompliano said that Bitcoin “slowly but surely” has become a reserve asset for retail investors and institutions in the corporate sector. Shortly after BNY Mellon’s announcement, Bitcoin’s price hit an all-time high of about $ 48,360. Currently, BTC is trading at $ 47,731, with a 4.1% gain in 24 hours.