The Wall Street Journal is reporting this morning that America’s oldest bank, Bank of New York Mellon Corp., is formally entering the cryptocurrency market:
The custody bank said Thursday it will hold, transfer and issue bitcoin and other cryptocurrencies on behalf of its asset-management clients. In time, BNY Mellon will allow those digital assets to pass through the same plumbing used by managers’ other, more traditional holdings—from Treasurys to technology stocks—using a platform that is now in prototype. The bank is already discussing plans with clients to bring their digital currencies into the fold.
“Digital assets are becoming part of the mainstream,” said Roman Regelman, chief executive of BNY Mellon’s asset-servicing and digital businesses.Wall Street Journal, February 11, 2021
It’s difficult to imagine a stronger signal that Bitcoin and cryptocurrencies are heading towards mainstream adoption.