The New York Mellon Bank, the oldest financial institution in the United States, signed an agreement with the firm Grayscale Investments with the aim of offering various asset and ETF services for its Grayscale Bitcoin Trust (GBTC) product.
The information was provided through a statement posted on the BNY Mellon website yesterday, July 13, 2021. This publication noted that Grayscale officially chose the oldest financial institution in the United States as Asset service provider for your GBTC product.
It is hoped that, through this agreement, the bank will be able to provide Grayscale with its collaboration and technical assistance to convert the fund into a bitcoin ETF. The agreement also includes that BNY Mellon to provide GBTC with accounting and fund management as of October 1, 2021.
The main purpose of this agreement “is to strengthen GBTC in terms of to scalability, resilience and automation through the BNY Mellon platform, which includes the ETF Center owned by the financial institution, which offers technology designed to support digital asset ETFs.
In this regard, Michael Sonnenshein, CEO of Grayscale Investments, LLC, made the following comment:
Engaging BNY Mellon is an important milestone as part of our commitment to converting the Grayscale Bitcoin Trust to an ETF.
For his part, Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon, highlighted that the bank’s relationship with Grayscale “is directly at the intersection of trust and innovation.”
The executive added that “it is an important milestone in the rapid growth of our digital asset capabilities and in the broader strategy of putting customer choice at the center of everything we do.”
Sonnenshein: “BNY Mellon has a longstanding reputation as a trusted provider and has established one of the first teams dedicated to serving the growing digital currency asset class.” Source: Wharton School / youtube.com
Despite the excitement that this news could cause among those waiting for a bitcoin ETF, it is worth remembering that the SEC does not include the new authorizations of Bitcoin and other cryptocurrency ETFs on your 2021 work schedule, as CriptoNoticias reported on that occasion.
On the other hand, in the list of topics that will be addressed during the current year, those that refer to the modernization of markets, transparency in the purchase of shares and also climate change.