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BNY Mellon Starts Crypto Custody Service

The custodial lender earlier this fall received approval from financial regulators in New York to begin holding bitcoin and ether for certain customers.

Updated May 9, 2023, 3:58 a.m. Published Oct 11, 2022, 12:32 p.m.

The world's largest custodian bank and the oldest lender in the U.S., Bank of New York Mellon (BK), has added cryptocurrencies to its custody services, according to a press release on Tuesday.

To this point, traditional fund managers interested in holding digital assets – who otherwise rely on BNY Mellon (or other custodial lenders) to perform the necessary back-office tasks related to their usual securities holdings – typically would have had to find a firm specializing in cryptocurrency for custody services.

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The Wall Street Journal reported the news earlier.

BNY Mellon will now be able to provide those fund managers with storage of the keys necessary to access and move around their bitcoin (BTC) and ether (ETH), as well as the other traditional bookkeeping functions.

UPDATE (Oct. 11, 2022 13:10 UTC): Updates headline and first paragraph with the confirmation.

Custody Services banking

Stephen Alpher

Stephen is CoinDesk's managing editor for Markets. He previously served as managing editor at Seeking Alpha. A native of suburban Washington, D.C., Stephen went to the University of Pennsylvania's Wharton School, majoring in finance. He holds BTC above CoinDesk’s disclosure threshold of $1,000.