It was not long ago when BNY Mellon had expressed its intentions of providing startups support in offering cryptocurrencies. The corporate investment banking firm had revealed that it would help firms in expanding offerings for cryptocurrencies.
Therefore, BNY Mellon has revealed that it will act as a provider of service for crypto-offering for SkyBridge. On top of that, BNY Mellon will also become the advisor of the first Exchange Traded Fund (ETF) that SkyBridge is planning to launch.
However, the Exchange Traded Fund (ETF) currently being worked on by SkyBridge is undergoing an approval phase. Once the approval has been given, SkyBridge will be able to offer Exchange Traded Fund (ETF) to users with the backing of BNY Mellon.
It has been confirmed that the Exchange Traded Fund (ETF) offered by SkyBridge will be for the largest cryptocurrency in the entire world, Bitcoin (BTC).
On top of that, BNY Mellon will be providing the same service as well as act as the advisor for First Trust Advisors.
As of now, the decision of the approval for the Exchange Traded Fund (ETF) will be given by the US Securities and Exchange Commission (SEC). BNY Mellon has confirmed that once the approval has been given, it will be providing institutional clients with several services.
The services that BNY Mellon aims to provide include transfer agency services, fund administration, fund accounting, order taking, and ETF basket operation.
In the past couple of years, BNY Mellon has become more and more interested in venturing through the cryptocurrency industry. The firm has mentioned on several occasions how much it wants to expand its services in the cryptocurrency space.
The firm also wants to bring mainstream adoption to the cryptocurrency industry on a much larger scale than it is at present.
The spokesperson from BNY Mellon has revealed that with the recent partnership with the crypto-firms, it will be able to achieve its goal of bringing more mainstream adoption to the crypto-verse.
With every passing week, the cryptocurrency industry grows bigger and more adoptable by mainstream institutions. Since the end of 2020, the industry has gained much popularity among mainstream institutions.
Several mainstream institutions such as Tesla, MicroStrategy, MassMutual, PayPal, Visa, MasterCard, and much more have invested in cryptocurrencies in ways they seemed fitting.
With so much mainstream adoption coming towards cryptocurrencies, the industry has been gaining a lot of trust from high-profile companies. Now, even the traditional financial institutions have started adopting crypto-blockchain technology.
One such traditional financial institution is BNY Mellon that has recently started offering its consumers the issuance and custodial services for Bitcoin (BTC).
The firm has revealed that it is fully capable of handling the cryptocurrency assets and will be doing as better a job with them as it has done with traditional assets.