America's Oldest Bank Will Support Bitcoin - CRYPTO FRIDAY
Hey DEFI TIMES community,
America's oldest bank, BNY Mellon, announced that it would store Bitcoin on behalf of its clients. The bank will store and transfer Bitcoin and other digital currencies.
This is absolutely bullish news because the bank made clear that this was mainly due to Bitcoin finally becoming mainstream. BNY Mellon is one of the first banks to adopt Bitcoin. The majority of Mellon's customers asked the bank to support digital assets in the future, which shows the overwhelming demand for cryptocurrencies right now.
There is another thing to consider: Many large asset managers (pension funds, endowments, and insurance companies) use BNY Mellon for custody of their assets. This news could lower the barrier for these institutions to invest in digital assets.
All in all, this news will accelerate institutional mass adoption. Mellon was founded in 1869, which makes it the oldest bank in America.
The bank is not only going to offer custody services. They also decided to transfer or issue digital assets. Some people argue that they are going to build a full-service digital asset bank over the coming years.
We are clearly in a bull market. Expect news like this to occur on a weekly basis.
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All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.
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