America's oldest financial institution, BNY Mellon, will soon allow its clients to store crypto, which is the first case in the US when a bank of such size stores crypto alongside traditional finance, the Wall Street Journal reports.
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The report says that the US-based bank got a green light from New York's financial watchdog this fall to start accepting bitcoin (EXANTE: Bitcoin) and ether (ETH) from select clients starting this week.
The bank will reportedly be responsible for keeping the private keys and provide bookkeeping services on cryptocurrencies. BNY Mellon also plans to expand its crypto custody offerings to additional clients in the future once it receives regulatory approvals.
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