Last fall, New York financial regulator DFS gave approval to America’s oldest bank, BNY Mellon, to provide cryptocurrency custody services.The Wall Street Journal“The bank is ready to start.

BNY Mellon will store private keys for cryptocurrencies, according to the report, in a similar way to how it manages bonds, stocks and other types of assets on behalf of clients.

BNY Mellon is America’s oldest bank founded in 1784 by Alexander Hamilton and manages over $40 trillion nominal assets.

In 2021, the financial giant had $2.4 trillion in assets under management (AUM).

The report states that BNY Mellon is the first of eight systemically important banks in the United States approved by financial regulators to hold digital assets.

Read:Learn: How Coinbase Became the World’s Largest Bitcoin Bank

BNY Mellon has been in the cryptocurrency space for some time and in October 2021 urged the authorities in Ireland to adopt regulatory standards for crypto assets ahead of the European Union regulations.

In April 2022, the bank was selected by Circle Financial to hold USDC reserves.

The following month, BNY Mellon joined forces with banks such as Wells Fargo and Citi when it invested in an institutional digital asset technology provider called Talos.

A Wall Street Journal report published on Tuesday says BNY Mellon is leveraging Fireblocks to offer its own custody solutions.

Additionally, the bank also uses software developed by Chainalysis to monitor the blockchain so that it can analyze crypto assets located within the bank’s borders.

In addition to stating that it will use Fireblocks and Chainalysis, the financial institution also indicated that it will initially offer a bitcoin and Ethereum custody service on behalf of its clients.

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