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Bloomberg: BNY Mellon Moves Closer to Offering Crypto ETF Custody Services

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Summary: BNY Mellon is close to offering custodial services for bitcoin and ether held by ETF clients, according to Bloomberg. A review by the SEC has allowed the bank to avoid accounting for these assets as liabilities, clearing the way for its entry into the crypto custody market. This move could challenge Coinbase's current dominance in ...

BNY Mellon is close to offering custodial services for bitcoin and ether held by ETF clients, according to Bloomberg. A review by the SEC has allowed the bank to avoid accounting for these assets as liabilities, clearing the way for its entry into the crypto custody market. This move could challenge Coinbase's current dominance in the U.S. crypto ETF space. The market for crypto custody is valued at $300 million and is growing 30% yearly, with higher fees due to security risks.

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Link: Bloomberg: BNY Mellon Moves Closer to Offering Crypto ETF Custody Services   [Copy]
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