BNY Reportedly Offers XRP Custody With Limited Rollout
(3 hours ago) · 1 source · Summarized by CryptoBipto
Bank of New York (BNY), one of the world's largest custodian banks, has reportedly begun offering custody services for XRP. However, the rollout appears to be limited to a single type of custody arrangement.
WHY IT MATTERS
Custody in finance means safely storing assets on behalf of someone else, similar to how a bank vault holds valuables. For large investors like pension funds or asset managers, they often cannot buy and hold crypto directly — they need a trusted custodian to do it for them. BNY is one of the biggest custodian banks in the world, so when it offers to hold a cryptocurrency like XRP, it could make it easier for institutional investors to access that asset. Think of it like a major warehouse agreeing to store a new type of product — it does not guarantee demand, but it removes one barrier for buyers who require professional storage.
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