BNY Mellon | America’s oldest bank goes Bitcoin

BNY Mellon | America's oldest bank goes Bitcoin

(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.

BNY Mellon | America’s oldest bank goes Bitcoin
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