Gary Gensler Gives the Green Light: BNY Mellon Gets Crypto Custody!

The SEC Boss confirms that BNY Mellon is approved to custody Bitcoin and Ethereum from the Exchange Traded Funds products.

This confirmation just close the topic relatively to the Largest financial Custodian in wall street with more than 50 billion in management from customers all around the globe. Gary Gensler confirmed the approval to Bloomberg.

The entering of Bank Of New York Mellon Corp (BNY MELLON) is another page on custody services of Bitcoin and Ethereum that belongs to ETFs and will enable a more quality competition in the market, which until now was dominated by Coinbase in the field.

Now, the Exchange and American custodian have a competitor of weigh in the market and ETFs can have more options to choose when it comes to secure their Bitcoin and Ethereum assets. Despite being custodian, BNY Mellon won't add the Bitcoin and Ethereum on their balance sheet as already mentioned in one of my articles.

This is a milestone in the market seeing a large traditional bank entering the game of custodian services and starting to secure Bitcoin and Ethereum from ETFs products. This means, Bitcoin and Ethereum are officially a Bank recognized asset and adoption is ongoing in large scale. Remember:

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