Crypto Biz: $470B bank enters crypto — Probably nothing, right?
As crypto traders debate whether Bitcoin (BTC) is going 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 United States provides a clear regulatory framework for crypto, but regulators and industry insiders are confident that guidance could come 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.
Arguably the biggest story of the week was news of another established financial institution entering the crypto sphere. BNY Mellon, whose predecessor was founded 238 years ago, announced the launch of a digital custody platform to safeguard clients’ Bitcoin and Ether (ETH) holdings. “With Digital Asset Custody, we continue our journey of trust and innovation into the evolving digital assets space while embracing leading technology and collaborating with fintechs,” said Roman Regelman, the bank’s CEO of securities services and digital. To get a sense of just how massive BNY Mellon is, the bank holds over $470 billion in assets under custody as of 2021.
JPMorgan continues to experiment with blockchain technology and digital assets even after its CEO attempted to dismiss the sector as a Ponzi scheme. Now, the U.S. financial institution is partnering with Visa to streamline the use of its private blockchain for cross-border payments. The partnership centers around JPMorgan’s Liink blockchain, which has been designed specifically for cross-border transfers, and
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