Grayscale Investments has signed an agreement with the Bank of New York Mellon Corporation to become the official provider of their largest Bitcoin fund.
BNY Mellon, an American investment banking services holding corporation founded in 1784, will shortly become the official cryptocurrency investment provider for Bitcoin.
One of the most critical milestones for Grayscale Investments, which has been working for a long time to turn its “Grayscale Bitcoin Trust” investment product into an ETF, is signing an agreement with BNY Mellon, according to the CEO of Grayscale Investments, LLC.
According to the press release, BNY Mellon will begin providing fund accounting and administration to Grayscale Bitcoin Trust on October 1, 2021, based on this agreement. In addition, the Grayscale Bitcoin Trust will be incorporated into BNY Mellon’s market-leading platform, including BNY’s proprietary ETF Center, which contains particular technology developed to serve digital asset ETFs, starting in the fall of this year.
Providing essential fund administration services to the world’s largest digital currency asset manager further validates that BNY Mellon stands squarely at the intersection of trust and innovation, — It’s another critical milestone in our rapidly growing digital asset capabilities and broader strategy of putting client choice at the center of everything we do.Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon.
According to Grayscale Investments, BNY Mellon, which has over $ 1 trillion in ETF holdings, will become one of the most well-known and significant players in the digital asset industry by the fall of this year.