(New York) Bank of New York Mellon, the oldest bank in the United States, is embarking on the latest fashionable financial product, Bitcoin: the institution announced Thursday that it plans to manage digital assets on behalf of its clients.
Published on February 11, 2021 at 11:47 am
Virtual currencies are particularly in vogue at the moment, as the Uber boss also pointed out on Thursday that he could eventually accept them as a means of payment.
« In the same way that we accept all forms of local currency, we will be looking at whether cryptomoney and/or Bitcoin could be used to make transactions, » Dara Khosrowshahi told CNBC.
Founded in 1784, BNY Mellon has created a new unit dedicated to cryptomoney, and is currently working on the development of a platform that can store and administer them.
« BNY Mellon is proud to be the first major global bank to announce its intention to provide an integrated service for digital assets, » said Roman Regelman, head of digital services at BNY Mellon.
« Growing customer demand for digital assets, the maturity of advanced solutions and regulatory clarification provide us with a great opportunity to extend our current service offerings into this emerging field, » he added.
The bank has yet to obtain certain approvals, but hopes to launch its service within the year.
Yet Bitcoin still has a sulphurous reputation.
While some speculators do not hesitate to bet on its fluctuations on the markets and various online platforms, no major central bank recognizes Bitcoin as a currency in its own right.
Created by anonymous individuals and managed by a decentralized network, virtual currency is particularly volatile. This instability and the anonymity it provides to its users is not welcomed by the authorities, who are calling for stricter regulation.