Bitcoin surges to all-time high after top banking firm embraces cryptocurrencies
- By Agencies -
- Feb 11, 2021
LONDON: Bitcoin on Thursday jumped over 8% to an all-time high of $48,481 after Bank of NY Mellon said it had formed a new unit to help clients hold, transfer and issue digital assets.
The new unit at BNY Mellon, called the Digital Assets unit, is expected to roll out the offerings later this year, the bank said.
Mastercard also said on Wednesday it was planning to offer support for some cryptocurrencies on its network this year, joining a string of big-ticket firms that have pledged similar support.
The credit-card giant’s announcement came days after Elon Musk’s Tesla revealed it had purchased $1.5 billion of bitcoin and would soon accept it as a form of payment.
Asset manager BlackRock and payments companies Square and PayPal have also recently backed cryptocurrencies.
Mastercard already offers customers cards that allow people to transact using their cryptocurrencies, although without going through its network.
Mastercard, however, specified that not all cryptocurrencies will be supported on its network, adding that many of the hundreds of digital assets in circulation still need to tighten their compliance measures.
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