BNY Mellon launches its Digital Asset Custody platform

Crypto Update
3 Min Read

in the latest cryptocurrency newsBNY Mellon, an investment and wealth management company that is also the world’s leading custody provider, has unveiled its digital asset platform that will allow customers to benefit from the crypto services it offers alongside traditional products.

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according to a Press release BNY Mellon, the digital asset custody platform published on Tuesday, will be available in the US market.

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The company announced that select customers will go ahead and use the platform to hold and transfer bitcoin and ethereum.

Bridging the digital and traditional asset space

first bank announced The Digital Asset Custody Unit formed in February 2021, stating that the goal was to launch the industry’s first multi-asset platform to bridge the digital and traditional asset custody divide.

BNY Mellon, which had $43 trillion in custodial assets and $1.9 trillion in assets under management (AUM) as of June 30, 2022, plans to use the crypto custody division as its step for further innovation. .

Robin Vince, CEO and President of BNY Mellon, said:

“Touching over 20% of the world’s investable assets, BNY Mellon has the scale to re-imagine financial markets through blockchain technology and digital assets.”

According to the press release, BNY Mellon worked with crypto technology firm Fireblocks and blockchain security provider Chainalysis.

The digital asset servicer said it has tapped into these platforms to integrate technology that provides both the security and compliance needed to navigate the rapidly growing crypto investment industry.

Increased demand from institutional clients

BNY Mellon’s launch of its Digital Asset Custody unit adds to the growing penetration of major traditional financial and investment industry players into the cryptocurrency services market.

Recent developments involving Fidelity Investments, BlackRock and other Wall Street giants come amid widespread demand for crypto from institutional clients. So 238-year-old BNY Mellon is taking a big step forward, with the milestone bringing America’s oldest bank into the digital asset custody space.

as invezz informed of Recently, Nasdaq is also entering the crypto custody space, with BNY Mellon and State Street being major competitors, as well as crypto-native providers such as Coinbase.

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