With institutional investors becoming increasingly interested in cryptocurrencies lately, Bank of New York Mellon (BNY) has announced that it will offer crypto-related services later this year.

New York Mellon Bank was founded in 1784, so it is considered the oldest bank in America, but it adapts greatly to what surrounds it, which we see from declaring its support for digital currencies and providing them in the form of services for the benefit of institutions.

New York Bank Will Hold Bitcoin

New York’s oldest bank stated in the Wall Street Journal yesterday that it will hold, issue and transfer bitcoin and other cryptocurrencies on behalf of its institutional clients.

Read:Bitcoin Volatility Accelerates Liquidation of Long Bitcoin Trading Positions…Details Here

According to speakThe bank will treat its crypto offerings as other traditional asset classes, such as stocks.

Notably, the bank is already in talks with its institutional clients to bring their cryptocurrency to its platform.

Cryptocurrencies became increasingly popular among institutional customers late last year when the world’s economies were affected by the coronavirus pandemic.

Like many other assets, cryptocurrencies were also affected by the news of the coronavirus being considered a global pandemic, as the price of the largest cryptocurrency by market capitalization plummeted to trade below $4,000 in March 2020.

Since then, Bitcoin has developed resistance and recovered, becoming among the preferred investment options for most institutional investors.

Bitcoin Reaches a New High:

The impressive Bitcoin price performance has successfully attracted several institutional players, such as Tesla and MicroStrategy.

However, many institutional investors remain skeptical about bitcoin investments due to regulatory clarity concerns and the high risks associated with these assets.

Given that the digital currency Bitcoin continued to gain momentum recently, and the price of the currency reached a new record high above $ 48 thousand with many followers focusing on the level of 50 thousand dollars, the Bank “New York Mellon” decided to approach more institutional investors, and institutions asked the bank Providing services related to the crypto market.

Read:Crypto Funds Record Strongest Institutional Monthly Flows in 2022

Roman Regelman, CEO of Asset Services and Digital Business at Mellon Bank said:

seem [المستثمرون المؤسسات] They ask BNY Mellon and their counterparts to handle the digital assets as they would their other holdings.

Institutional investors are gradually getting the green light that it is safe to invest in cryptocurrencies, as well-known companies are already embracing the assets.

Earlier this week, Tesla, the world’s largest electric car maker, invested $1.5 billion in bitcoin.

With the offer of crypto services from BNY Mellon, it is only a matter of time before more similar financial institutions venture into the crypto system.

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