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

BotPsy Sets New Standards in AI Performance Benchmarks

Tether's QVAC BotPsy has achieved impressive scores in AI performance benchmarks, scoring 440 on BFCL v4 and 587 on ACEBench, surpassing larger models and demonstrating the potential of smaller AI models.

user avatarMiguel Rodriguez

Tether Launches Innovative AI Model QVAC BotPsy

Tether introduces QVAC BotPsy, an AI model with 800 million parameters that excels in performing everyday tasks on personal devices.

user avatarRajesh Kumar

CoreWeave's Strong Q3 Performance Boosts AI Sector Sentiment

CoreWeave's strong Q3 results have increased investor sentiment in the AI sector, reporting $366 million in revenue, a 168% year-over-year increase, and raised full-year guidance.

user avatarLuis Flores

Deutsche Bank Launches Crypto Custody Service for Institutions

Deutsche Bank has officially launched its crypto custody service for institutional and corporate clients in Europe.

user avatarArif Mukhtar

Yana Prikhodchenko Takes the Helm as CEO of Phase

Yana Prikhodchenko has been appointed as cofounder and CEO of Phase, a technology company focused on the AI agent economy.

user avatarDavid Robinson

Phase Unveils Layer 1 Blockchain Mainnet and AI Agent Services

Phase has launched its Layer 1 blockchain mainnet and AI agent services, enabling autonomous operations for AI agents.

user avatarMaria Gutierrez

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.