Grayscale Investments has chosen to offer asset services to its Bitcoin trust to the oldest bank in the US, BNY Mellon. On its conversion into an exchange fund, the bank will also provide ETF services to the bitcoin trust (ETF).
Teams of Bny Mellon Grayscale
The bank has picked New York Mellon Bank of the Year (BNY Mellon) to serve the Grayscale Bitcoin Trust as an Asset Service Provider Tuesday (OTCQX: GBTC). The message is as follows:
By this arrangement, Grayscale Bitcoin Trust will provide for fund accounting and management beginning 1 October 2021. BNY Mellon will offer this fund management. Furthermore, BNY Mellon is expected to offer the Greyscale Bitcoin Trust with transfers and ETF services after it is converted to ETF.
"The partnership will enhance Grayscale scalability, resilience and automation via the market-leading platform of BNY Mellon," the business said.
"To engage BNY Mellon is a significant milestone as a part of our ambition to transform Grayscale Bitcoin into an ETF," said Michael Sonnenshein, President and CEO of Grayscale Investments.
BNY Mellon is the oldest bank in the United States and an investment business in 35 countries. The bank held a custodial and/or administrative asset of $41.7 trillion as of 31 March, and its website said that it had a managing asset worth $2.2 trillion. BNY Mellon established an encryption team in February to provide bitcoin services.
BNY Mellon, the oldest US bank for the provision of Bitcoin Trust grayscale with asset services and ETF
BNY Mellon, the oldest US bank for the provision of Bitcoin Trust grayscale with asset services and ETF
Grayscale Investments has chosen to offer asset services to its Bitcoin trust to the oldest bank in the US, BNY Mellon. On its conversion into an exchange fund, the bank will also provide ETF services to the bitcoin trust (ETF).
Teams of Bny Mellon Grayscale
The bank has picked New York Mellon Bank of the Year (BNY Mellon) to serve the Grayscale Bitcoin Trust as an Asset Service Provider Tuesday (OTCQX: GBTC). The message is as follows:
BNY Mellon is providing a fund accounting and administration to the Grayscale Bitcoin Trust effective 1October 2021 under this arrangement. Furthermore, BNY Mellon is expected to offer the Grayscale Bitcoin Trust transfers and ETF services following its conversion into an ETF.
"This partnership will provide the firm with a leading market platform, enhanced scalability, resilience and automation at Grayscale," the company states.
"BNY Mellon is a significant step forward as part of our goal to turning Grayscale Bitcoin Trust into an ETF," stated Michael Sonnenshein, CEO of Grayscale Investments.
BNY Mellon is the oldest bank in the United States and an investment business in 35 countries. At 31 March, the bank held custody/administration assets of $41.7 billion while the website shows that it had assets worth $2.2 trillion. BNY Mellon established an encryption team in February to provide bitcoin services.
Tuesday, Roman Regelman, CEO of BNY Mellon's Asset Servicing and Digital Head, said: "Bringing crucial funding management services to the world's largest digital currency asset manager also proves that BNY Mellon is at the crossroads of trust and innovation." He added the following:
It's another key milestone in our fast increasing capacity for digital assets and wider plan to focus customer choice.
What about Grayscale that selected BNY Mellon to give its Bitcoin confidence with asset maintenance and ETF services? In the comment area below, let us know.
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