Photo: Coin Telegraph
(Coin Telegraph) - While the naysayers continue to wish for the so-called “Bitcoin bubble” to burst, the premium cryptocurrency continues to scale to new heights, seemingly with each passing day. For example, within the same week of Tesla announcing its foray into the crypto market, Bitcoin (BTC) proceeded to surge by almost $10,000.
And even though the market subsequently faced a correction, things took a turn for the better as soon as news broke that Bank of New York (BNY) Mellon, the United States’ oldest private bank, entered the crypto fray, sending the largest digital currency by total market capitalization on an upward trajectory once again.
In this regard, the banking giant, with $2.2 trillion in assets under management and $41.1 trillion in assets under custody and/or administration, announced its decision to hold, transfer and issue Bitcoin and other cryptocurrencies as an asset manager on behalf of its clients, potentially exposing this asset class to an entirely new section of investors.
Another reason for the current momentum could be payments giant Mastercard announcing its decision to allow its user base to use crypto assets across its 30 million merchants.
What does BNY Mellon's entry mean for the market?
As per reports, BNY Mellon is looking to manage cryptocurrencies using a platform that is currently in its prototype phase. It also appears as though the financial institution has not outlined which crypto assets it will be providing its custody services for.
Furthermore, BNY Mellon has already deployed a team of executives, led by Michael Demissie, to spur the integration of cryptocurrency custody and management into the bank’s existing product suite.
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