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The US’s oldest incumbent bank (aka BNY Mellon) gives in to cryptoINTL

The US’s oldest incumbent bank (aka BNY Mellon) gives in to crypto

Aaand another one jumps on the bitcoin train!

Bank of New York Mellon (BK) announced it will begin financing bitcoin and other cryptocurrencies by integrating them into its existing financial network. Guess they had bitcoin FOMO and decided to join all the hip entrepreneurs on the journey!

According to the CEO of asset servicing, Roman Regelman, “growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for [BNY Mellon] to extend [its] current service offerings to this emerging field.”

Shares of BK spiked as much as 4.5% on the news. According to sources from within the bank, it should begin offering crypto services to customers later this year pending product analysis and approvals.

why it matters
Historically, large financial institutions have cited legal and regulatory risks as reasons for not dealing with cryptocurrencies. The fact that America's oldest bank is looking to work with bitcoin is an indication of the turning tide of public opinion towards cryptos. Which other boomer bank is next?