Major Banks Plan to Launch Cryptocurrency Services

user avatar

by Giorgi Kostiuk

2 years ago

Made with AI

  1. BNY Mellon and Cryptocurrency
  2. Cryptocurrencies and Major Banks
  3. Cryptocurrency Market Trends


    4. Michael Saylor, the face behind MicroStrategy, recently shared insights on emerging rumors regarding major banks entering the cryptocurrency sector. His announcement coincided with news from BNY Mellon, suggesting that several prominent banks might soon offer cryptocurrency services. What actions did BNY take to become a topic of such speculation?

    BNY Mellon and Cryptocurrency

    BNY Mellon has received an exemption from the SEC’s stringent rules on digital asset custody. As America’s largest custody bank, BNY is now pursuing institutional cryptocurrency custody, having obtained the SAB 121 exemption that many banks are eager to replicate. According to Chris Land, general counsel to U.S. Senator Cynthia Lummis, this move has removed obstacles for one of the largest banks to provide cryptocurrency custody services.

    BNY wants to enter the cryptocurrency custody business. They faced some challenges with the Staff Accounting Bulletin (SAB) 121 and seem to have received a form of exemption from the SEC to move forward.None

    Cryptocurrencies and Major Banks

    Globally, the number of banks delving into cryptocurrency is on the rise. Even giants like JPMorgan, while not directly entering the crypto space, play active roles in the ETF process. Referring to BNY’s recent action, Saylor posted that more banks might follow suit and venture into cryptocurrency custody services.

    Cryptocurrency Market Trends

    As banks begin to see substantial interest in custody services, they may also anticipate greater involvement in the trading services aspect. The booming cryptocurrency market could represent a significant income source for banks. With BNY, founded in 1784, formally announcing its cryptocurrency custody services, the implications for the industry are poised to unfold dramatically.

    The introduction of cryptocurrency services by major players like BNY Mellon may signify a new chapter in the banking industry and increased attention to digital assets.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

Ethereum Staking Hits Record Levels Despite Price Drop

Ethereum's staking rate has surged to an all-time high of 36.3% of total supply, even as the price of ETH has fallen to around $2,000.

user avatarRajesh Kumar

Jane Street Boosts Bitcoin ETF Holdings Amid Market Changes

Jane Street has significantly increased its stake in major Bitcoin ETFs, particularly in Fidelity's Wise Origin Bitcoin Fund, reflecting strong client demand and trading activity in the Bitcoin market.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.