Why America’s oldest bank launched a crypto custody service

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By Lucas Mearian The Bank of New York Mellon Corporation (BNY Mellon) has gone live with an electronic platform that stores and protects cryptocurrencies, including bitcoin and ether. The 238-year-old bank’s new Digital Asset Custody platform currently allows its US clients to store and transfer blockchain-based cryptocurrency with the same assurances the bank offers to protect traditional assets. BNY’s new services is rare because of regulatory uncertainty around cryptocurrencies, and most US banks are waiting for more clarity, according to Avivah Litan, a vice president and distinguished ana…

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