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Crypto still evolving

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Photo by Kanchanara on Unsplash

For 238 years, the Bank of New York Mellon Corp. (NYSE ticker symbol: BK) has been safeguarding and managing traditional assets for many U.S. institutional investors and over 20% globally, pioneering the nation’s custodian banking sector. Now, it has also become the first U.S. bank to start safeguarding crypto assets for select institutional clients.

BNY Mellon announced on October 11 that it would start securing bitcoin and ether, and eventually more crypto and other digital assets. The bank announced a new CEO on August 31 and currently secures about $47 trillion worth of assets and manages $2.4 trillion on behalf of its Investment and Wealth Management clients. Their efforts will set the table for the other banks to follow suit.

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