The oldest bank in the United States, the Bank of New York Mellon (BNY Mellon), has established a so-called Digital Innovation Hub in Dublin, the capital of Ireland. With this Hub, the bank is betting on the future of bitcoin (BTC) and other cryptocurrencies.
With the establishment of this new division in Dublin, the bank enables customers to store, transfer and issue various digital coins.
The financial giant announced last February that it wanted to offer crypto services. At that time a special department was already set up to arrange this, but it was not yet announced when it would be ready. That moment is now, reports Business Post. This puts them ahead of competitors like JPMorgan and Citi. Jamie Dimon, CEO of the first competitor, recently stated that he himself is absolutely not a fan of cryptocurrency. That does not mean that JPMorgan will not finally come around. Demand among customers is high.
Many investors who are not yet in the crypto market are still keeping the boat because there are no big banks as managers yet. This step by BNY Mellon could just change that. On May 5, New York Digital Investment Group (NYDIG) announced that hundreds of US banks are planning to offer cryptocurrency services this year. That could possibly accelerate now.
Last month BNY Mellon said they regret not having played on bitcoin before, but that will finally change from now on.
In addition to America’s oldest bank, BNY Mellon is also the world’s largest custodian and has approximately $41 trillion of assets under management. The bank established itself in Ireland In 1994.