A major bank in the United States (US) has reportedly successfully launched a crypto supervisory service to expand its traditional financial industry.
The following modus operandi makes the major US bank the first institution to hold cryptocurrencies in addition to traditional investments and has the potential to have a long-term positive impact.
It is understood that the bank received approval from the New York financial regulator to accept Bitcoin (BTC) and Ethereum (ETH) earlier this year.
The bank in question is BNY Mellon, which is the oldest bank in the US to have implemented a crypto supervisory service that will store private keys to access and transfer user assets.
According to Robin Vince, the president and chief executive officer of BNY Mellon expressed his excitement that the new development will not only advance the financial industry but also attract many customers to its services.
The world's largest asset manager, Blackrock, also entered into an agreement with Coinbase to provide users with access to crypto services.
Google uses the Coinbase service to allow Google Cloud users to pay for its services with cryptocurrency.
The string, Google is likely to also expand the scope of crypto payments to its other products.
In context, crypto supervisory services have rapidly expanded to institutions where previously only available to private non-banking entities.
