Bank of New York Mellon Joins the Crypto Revolution

Bank of New York Mellon is now the first large American bank to safeguard customers’ cryptocurrency assets alongside traditional investment assets.

The world’s biggest custody bank announced through a press release that they will now also provide custody service for cryptocurrency assets. The bank will store the private keys required to access and transfer the assets.

This move is significant for large crypto fund managers because they will no longer need the custody of their crypto assets with a crypto specialist. They can manage their portfolio of traditional investment assets along with cryptocurrency assets from a single destination.

Investment management firm SkyBridge shared on its Twitter handle that this move is a huge step and doesn’t feel like it is in the middle of a bear market.

The wave of crypto adoption.

The institutional adoption of digital assets is on the rise. While many await regulatory clarifications, some enterprises are already neck-deep into digital assets. In most cases, it is due to the high demand from clients for crypto services that pushes them toward adoption.

Earlier this year, American investment banking company, Goldman