BNY Mellon, the oldest bank in the United States, has announced it will hold cryptos on behalf of its clients and allow transactions with them. The Wall Street Journal has reported that the company is working on the development of a platform that will allow transactions with cryptocurrencies in the same way as traditional assets. Roman Regelman, chief executive of BNY Mellon’s asset-servicing and digital businesses, said:
"Digital assets are becoming part of the mainstream."
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According to the bank, the cryptocurrency services will be available to its clients later this year.
BNY Mellon has created a team to explore the possibilities of integrating digital assets into all areas of the bank's activities. Regelman believes cryptocurrencies will be fully integrated into the traditional Wall Street infrastructure within five years at the latest.