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BNY Mellon goes live with crypto custody platform

BNY Mellon, the world's largest custodian and America's oldest bank, has rolled out a digital custody platform for safeguarding client holdings in ether and bitcoin alongside traditional financial assets.

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BNY Mellon goes live with crypto custody platform

Editorial

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community.

BNY Mellon formed an enterprise Digital Assets Unit in 2021 to develop solutions for digital asset technology, with plans to launch the industry's first multi-asset platform that bridges digital and traditional asset custody.

The bank has been working closely with Fireblocks and Chainalysis to integrate their technology in order to meet the present and future security and compliance needs of clients across the digital asset space.

Roman Regelman, CEO of Securities Services & Digital at BNY Mellon, states: "With Digital Asset Custody, we continue our journey of trust and innovation into the evolving digital assets space, while embracing leading technology and collaborating with fintechs."

A recent survey sponsored by BNY Mellon highlights already significant institutional demand for a resilient financial infrastructure built to accommodate both traditional and digital assets. According to the survey, almost all institutional investors (91%) are interested in investing in tokenized products.

Additionally, 41% of institutional investors hold cryptocurrency in their portfolio today, with an additional 15% planning to hold digital assets in their portfolios within the next two to five years.

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Comments: (1)

Jim Bray

Jim Bray VP of Sales at Quinteft.com

To little to late, but to early. Bitcoin fad is over, CBDC is in early stage development that requires new ISO standards for cross border transactions.

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