The longest-running bank in the US – The Bank of New York Mellon – has reportedly entered a deal with crypto asset management firm Grayscale, to roll out a range of service offerings for its flagship Bitcoin (BTC) outfit. 

Specifically, Grayscale reportedly issued an official disclosure on July 13th, regarding its selection of BNY Mellon as an asset servicing provider for Grayscale Bitcoin Trust (GBTC) – a high-profile crypto investment outfit, offering exposure to Bitcoin in an indirect manner. 

BNY Mellon also has additional plans to roll out transfer agencies as well as offerings associated with exchange traded funds dedicated to the GBTC, upon its conversion to an ETF, per Grayscale. 

As included within the scope of the deal, BNY Mellon will reportedly equip GBTC with fund accounting and administration, beginning the 1st of October this year. 

The agreement reportedly has a further goal to enhance Grayscale’s GBTC, scalability, resiliency and automation-wise, via BNY Mellon’s platform, including the bank’s proprietary ETF facility, which primarily works on technologies particularly dedicated to supporting virtual asset ETFs. 

This most recent update will reportedly also mark a significant milestone for Grayscale, as it concretes the firm’s commitment to the conversion of BTC into an ETF as its strategic target, Head of Grayscale, Michael Sonnenshein, additionally revealed. 

Roman Regelman, CEO of asset servicing and head of digital at BNY Mellon, further disclosed that the bank’s relationship with Grayscale “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,”