Prolly nothing... https://bitcoinmagazine.com/business/bny-mellon-offers-bitcoin-custody BNY MELLON NOW OFFERS BITCOIN CUSTODY SERVICES: REPORT The world’s largest custodian bank can now receive and store customers’ bitcoin and cryptocurrency, following a regulatory approval in New York. NAMCIOS 9 HOURS AGO BNY Mellon can now provide bitcoin custody services. The centuries-old institution won the approval of New York’s financial regulator to begin offering the service. The move comes as institutions attempt to cater to a growing demand for cryptocurrency services. Bank of New York Mellon (BNY Mellon), the world’s largest custodian bank, has launched bitcoin custody services, according to a report from the Wall Street Journal. America’s oldest bank said it would begin receiving clients’ cryptocurrencies on Tuesday, becoming the first large U.S. bank to safeguard digital assets alongside traditional investments on the same platform, per the WSJ report. “BNY Mellon won the approval of New York’s financial regulator earlier this fall to begin receiving select customers’ bitcoin and ether starting this week,” per the report. “The bank will store the keys required to access and transfer those assets, and provide the same bookkeeping services on those digital currencies that it offers to fund managers for their portfolios of stocks, bonds, commodities and other assets.” The move comes on the heels of other major financial institutions having jumped on the Bitcoin bandwagon. offering bitcoin trading and custody in a partnership with Coinbase. The offering, available for BlackRock’s institutional clients, would facilitate trading desk and custodial operations. Later that month, the asset manager shared that it was launching a spot bitcoin private trust to cater to a growing demand for direct BTC exposure from clients. “Bitcoin is the oldest, largest, and most liquid cryptoasset, and is currently the primary subject of interest from our clients within the cryptoasset space,” BlackRock said at the time.
Wait, so how does this work? Clients just transfer BTC from their wallets to the Bank’s owned wallets, right?
Blah, you edited the all caps thread title. Now my post is no longer funny in context. Grumpy crypto man you do be. TGIT. (Thanks God It's Tuesday!)
I don't have the capability to edit title. Must be ET auto-feature. I copied the title from the article which are all in caps
Rich people cannot be bothered to have local wallets, which is why Blackrock, GS, MS, JPM and now BNY all buy btc for them and hold in their account names (custody service) or so I read. I'm not one of those rich guys so I hold my own btc in my own wallet
Custody fees and bank accounting for a volatile underlying. A deal for the custodian. It's not like it's carried on the bank books. Yea, prolly nothing.