The oldest bank in the U.S., BNY Mellon, will now be able to store crypto

Bank of New York Mellon, the oldest bank in the United States, announced the launch of a new platform for storing digital assets.

For now, it can definitely store Ether and Bitcoin. Early last year, BNY Mellon announced its intention to store and process crypto transactions for its customers. 

At the time, the bank said it would launch a platform for storing digital assets powered by Fireblocks and Chainalysis. One example of when things went according to plan despite the bearishness.

According to reports, BNY Mellon received approval from New York's financial regulator earlier this fall before finally launching the service. The latest move makes the company the first major bank in the United States to use the same custodial platform for cryptocurrencies and traditional investments.

Recall that the world's largest asset manager, BlackRock, partnered with cryptocurrency exchange Coinbase to offer crypto services to institutional clients in August.

And more recently, the world's second-largest stock exchange, Nasdaq, announced plans to offer cryptocurrency custody services to institutional clients.

So the next bull run may well trigger massive purchases on stock exchanges.

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