The oldest bank in the United States is now going to store Bitcoin (PTC) for its customers
New York Mellon Bank enters the Bitcoin and other cryptocurrency markets Reports Business newspaper The Wall Street Journal. They sell and store digital assets to its customers, mainly family offices, finance, insurers and pension funds.
Interesting fact: Berkshire Hathaway, Warren Buffett’s investment vehicle, owns 8.2% of the bank.
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The news has brought new prices all the time. In bitcoin exchange, a temporary increase of 48,481 has been reached. 2021 started with a price tag of $ 29,000. The news has dissolved 30 630 million in short steps. The $ 8.19 million shortfall in BitMex exchange was dissolved.
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The oldest bank in Bitcoin
Founded in 1784, the oldest bank in the United States holds, holds and sells Bitcoin. They are going to do this for its corporate customers. A platform for storing digital assets is still under development. A prototype is now running. Ultimately, the bank wants to provide the same services for digital assets for securities and shares.
“Digital assets are becoming part of the mainstream,” explains Roman Regelman, who is in charge of the bank’s digital asset operations.
NY Mellon is not small. They operate in 35 countries and are the custodians of $ 41,100 billion in assets.
This is a step up for Wall Street Bank. Until now, banks have been very reluctant to provide crypto related services. For example, Puppet classifies bitcoin as “rat poison”. Now the reputable investor PTC has an indirect exposure because NY Mellon has to buy assets in the market to deliver them.
Blackrock, one of the world’s largest asset managers, owns 2.3% of NY Mellon. They also have indirect exposure. He recently announced that he was trading the future of Bitcoin.
Due to this announcement, NY Mellon is on the stock market
The news comes the same week that Tesla announced its acquisition of $ 1.5 billion worth of Bitcoin. As a result, prices have skyrocketed. The automaker will also use cryptocurrency as a means of payment.
Credit rating agency MasterCard also announced this week that it will build services around cryptocurrencies. Think about paying with your Bitcoin credit via credit card.
In the Netherlands, ING was already flirting with the idea of acting as the custodian of digital assets such as cryptocurrency and others. Various suppliers are active in this market segment in the US and Europe, especially in Switzerland.
The Philosophy of Bitcoin
It is against the original philosophy that big banks enter the market. Bitcoin is considered money without a third party such as bank intervention. Security expert and Bitcoin software company Gaza’s CDO see the following.
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