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Bitcoin is rising after BNY Mellon embraced cryptocurrencies

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Bitcoin price surged above $ 48,000 for the second time this week, reaching an all-time high after the She said BNY Mellon Corporate Investment Banking Corporation: It provides digital asset custody services.

The world’s most valuable cryptocurrency reached an intraday record of $ 48,297, according to data from CoinDesk.

BNY Mellon said on Thursday: It is starting to fund Bitcoin and other cryptocurrencies, and the foundation is allowing crypto assets to pass through the same financial network that it currently uses for traditional holdings, such as: US Treasury bonds and stocks.

BNY Mellon, or Bank of New York Mellon Corporation, was formed by the merger of Bank of New York and Mellon Financial Corporation in 2007 and is a US investment banking holding company.

Roman Regelman, Chief Asset Service Officer and Head of Digital Services at Bank of New York Mellon, said: “The Foundation is proud to be the first global bank to announce plans to provide an integrated service for digital assets.

He added: The growing customer demand for digital assets, the maturity of advanced solutions, and the improvement of organizational clarity represents a tremendous opportunity for us to expand our current service offerings to this emerging field.

The New York Mellon Bank Foundation represents the newest major financial company to provide support for virtual currencies, and MasterCard said it was providing support for some cryptocurrencies across its network this year.

It also comes after Tesla announced that it will purchase $ 1.5 billion worth of Bitcoin and will soon accept it as a method of payment.

Bitcoin has risen more than 60 percent since the start of the year after quadrupling in value in 2020.

The sharp rise in the digital currency is reinforced by increased demand from institutions, as more experienced investors turn towards the cryptocurrency due to the perception that it is a store of value similar to gold.

Skeptics, however, are concerned that Bitcoin may be one of the biggest market bubbles in history.

Custodial services are an essential part of the financial system, as they ensure that clients’ financial assets are kept securely.

Many companies have sought to address security in cryptography, and Bitcoin and other cryptocurrencies are not preserved from a central authority, such as a bank, which means that investors often have nowhere to turn in case funds are lost or stolen.

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