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 Cache 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, caches will be stored in your inventory and can be opened with Keys.

Other news

Experts Warn Against Short-Term Predictions for Bitcoin Prices

chest

Experts warn against over-reliance on single-day ETF flows for predicting Bitcoin prices, emphasizing long-term trends.

user avatarNguyen Van Long

Dormant Bitcoin Wallets Come to Life

chest

Six dormant Bitcoin wallets have moved a total of 55,359 BTC, worth approximately $40.15 million, between August 16 and August 26.

user avatarSatoshi Nakamura

SEC Proposes New Rules for Crypto Custody Regulations

chest

The SEC has proposed new rules to modernize crypto custody regulations for investment advisers and companies.

user avatarJesper Sørensen

US Law Blocks Federal Reserve from Issuing Digital Currency Until 2030

chest

US Congress passed a law blocking the Federal Reserve from issuing a digital currency until 2030.

user avatarRajesh Kumar

ECB Executive Addresses Privacy Concerns of Digital Euro

chest

Piero Cipollone from the European Central Bank addresses privacy concerns regarding the digital euro, emphasizing user privacy and transaction confidentiality.

user avatarLucas Weissmann

Bitcoin Futures Traders Abandon Crypto for Stablecoin Margin

chest

Bitcoin futures traders have largely abandoned using Bitcoin as collateral for their positions, opting for stablecoin-backed positions to avoid risks associated with price drops.

user avatarFilippo Romano

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.