Digital Assets: BNY Mellon’s Digital Asset Custody Platform Is Live In The U.S.

October 12, 2022 | Digital Assets, News
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BNY Mellon is America’s oldest bank and the world’s largest custody bank.

BNY Mellon, the investment arm and a brand name of the Bank of New York Mellon Corporation (NYSE: BK), announced that select clients would now be able to hold and transfer bitcoin and ether on its newly-launched Digital Asset Custody platform. (BNY Mellon)

The bank set up an enterprise Digital Assets Unit in 2021 to develop solutions for digital asset technology. The Digital Custody Platform would address significant institutional demand for a resilient, scalable financial infrastructure built to accommodate both traditional and digital assets.

BNY Mellon used technology from digital asset specialists Fireblocks and Chainalysis to meet the present and future security and compliance needs of clients across the digital asset space.

BNY Mellon found from a recent survey:

· Almost all institutional investors (91%) are interested in investing in tokenized products

· Additionally, 41% of institutional investors hold cryptocurrency in their portfolio today

· An additional 15% are planning to hold digital assets in their portfolios within the next two to five years

The operations of the digital unit would mesh with the bank’s plans to establish the industry’s first multi-asset platform to bridge digital and traditional asset custody.

“As the world’s largest custodian, BNY Mellon is the natural provider to create a safe and secure Digital Asset Custody Platform for institutional clients,” said Caroline Butler, CEO of Custody Services at BNY Mellon. “We will continue to innovate, embrace new technology and work closely with clients to address their evolving needs.”

Related Story: Big Banking Names (Read: BNY Mellon, JPM, Citi, BankAm, Goldman Sachs) Back AccessFintech

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