From BNY to Citi, Wall Street Moves In on Crypto

Some of the biggest U.S. banks are muscling into crypto services for big funds, investors and traders, taking advantage of fast-loosening regulations under President Donald Trump to launch digital asset versions of businesses they have long dominated.

For now, most of the action involves the business of custody, or safekeeping crypto on behalf of investors. State Street, one of the world’s biggest custody banks for stocks and bonds, is planning to launch digital asset custody next year, a bank executive said. Meanwhile BNY, State Street’s top rival, already has a small custody business for bitcoin and ether, but plans to expand it to more kinds of tokens.