Crypto Biz: $43,000,000 Bank Enters Crypto - Probably Nothing, Right?

Another major financial institution has signaled plans to offer Bitcoin and Ether services to its customers.

As crypto traders debate whether Bitcoin (BTC) will rise to $25,000 or $15,000 first, the world's largest financial institutions are laying the groundwork for mass adoption. The proverbial floodgates are unlikely to open before the US provides a clear regulatory framework for crypto, but regulators and industry insiders are confident guidance could arrive in 2023 at the earliest. In the meantime, megabanks like BNY Mellon, whose roots date back to 1784, are entering the space.

This week's Crypto Biz chronicles BNY Mellon's foray into digital assets, JPMorgan's ongoing experimentation with blockchain technology, and Crypto.com's new European headquarters.

BNY Mellon, America's Oldest Bank, Launches Crypto Services

Arguably the biggest story of the week was the announcement of another established financial institution entering the crypto sphere. BNY Mellon, whose predecessor was founded 238 years ago, has announced the launch of a digital custody platform to protect customers' Bitcoin and Ether (ETH) holdings. Initially, the platform will serve some US institutional clients. “With Digital Asset Custody, we continue our journey of trust and innovation in the evolving digital asset space while embracing cutting-edge technology and collaborating with fintechs,” said Roman Regelman, CEO of Securities Services. securities and digital banking. To get an idea of ​​the scale of BNY Mellon, the bank has $43 trillion in assets under management in 2022.

SWIFT Action: JPMorgan and Visa partner for cross-border blockchain payments

JPMorgan continues to experiment with blockchain technology and digital assets even after its CEO tried to dismiss the sector as a Ponzi scheme. Now, the US financial institution is partnering with Visa to streamline...