BNY Mellon plans to launch a digital asset safekeeping platform later this year

BNY Mellon, a major investment bank, is developing a digital asset custody platform that will allow institutional clients to acquire crypto exposure.

According to an report City AM allows customers to store the world’s most popular cryptocurrencies, Bitcoin (BTC) and Ether (ETH), in BNY Mellon crypto wallets powered by Fireblocks technology. However, once regulatory approval is granted, the service will gradually expand and integrate a variety of tokenized traditional and digital assets.

The new service will be offered later this year, according to the investment bank. BNY Mellon also suggested it will “be the first” to enter the global digital custody market.

According to the report, Mellon plans to start with the United States and then expand globally based on demand. After its US debut, BNY Mellon’s Talia Klein predicted the service could expand to the UK.

“I think what we’re seeing in the UK is there’s a really vibrant and active digital asset market here.”

Related: BNY Mellon Joins State Street to Nurture New Crypto Exchange

In February last year, the bank initially announced its intentions to store, transfer and spend Bitcoin and other cryptocurrencies on behalf of its clients as an asset manager. BNY Mellon announced a partnership with Grayscale Investments in July 2021 to provide a suite of services for its flagship Bitcoin investment product.

As reported by Coin-Crypto, BNY Mellon recently partnered with Chainalysis, a blockchain data and analytics firm to leverage Chainalysis compliance software within its risk management system.

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