Wall Street Bank BNY Mellon Experimenting With Bitcoin Rewards
Developers for Bank of New York Mellon Corp have been experimenting with bitcoin's open-source code for use as part of the bank's newly created corporate recognition program, according to The Wall Street Journal. The so-called "BK Coins" will be awarded to staff for contributions to the bank's software development, and can be redeemed for gift cards and other rewards. The initiative was announced by BNY Mellon CIO Suresh Kumar during a meeting last week at the bank's innovation center. Kumar noted at the time that the bitcoin testing fits within BNY Mellon's broader goals of exploring....
Related News
America’s oldest bank, the Bank of New York Mellon Corporation, commonly known as BNY Mellon, has announced the financial institution can now custody cryptocurrencies. A report published by the Wall Street Journal on Tuesday, says BNY Mellon was approved by the New York State Department of Financial Services (DFS), and the bank said it was the first of eight financial heavyweights to start crypto asset custody services.
BNY Mellon to Start Custody Services for Bitcoin and Ethereum on Behalf of Its Customers
Last fall, New York’s financial regulator DFS gave BNY....
The New York-based multinational banking and financial services firm Bank of New York Mellon Corporation is experimenting with the potentially disruptive digital currency Bitcoin. The banking giant's dive into the Bitcoin technology comes closely after the Swiss banking major UBS announced that it will open a research lab in London to study the blockchain technology. BNY Mellon's Chief Information Officer Suresh Kumar told CIO Journal that, "We want to try it out to see the applicability of [Bitcoin] in our businesses." It is only apt that the leading banks enter this domain since Bitcoin,....
The Bank of New York Mellon, BNY Mellon, has set up a digital asset unit. The oldest bank in the U.S. plans to “hold, transfer, and issue” bitcoin and other cryptocurrencies on behalf of its clients. The bank aims to eventually treat cryptocurrencies like any other assets. BNY Mellon Gets Into Crypto The oldest bank in the U.S., BNY Mellon, announced Thursday “the formation of a new enterprise digital assets unit that will accelerate the development of solutions and capabilities to help clients address growing and evolving needs related to the growth of digital assets,....
BNY Mellon hosted a blockchain event at its Jersey City, New Jersey, campus on 28th January, an event that, while small in terms of the number of attendees, could have a potentially huge impact on how the bank does business in the months and years ahead. Like many other financial institutions in the world, BNY Mellon is weighing how to apply the code that underlies bitcoin for its own purposes. Last year, the bank revealed that it had used its own digital currency for an internal rewards pilot. During remarks before the presentation, BNY Mellon chief information officer Suresh Kumar argued....
The chief executive of the bank's asset-servicing business says digital assets are becoming "part of the mainstream." Bank of New York Mellon, America’s oldest bank, has announced plans to hold, transfer and issue Bitcoin (BTC) and other cryptocurrencies as an asset manager on behalf of its clients.The impetus for the decision reportedly came from institutional investors — the top brass of BNY Mellon’s clientele — amid the 2021 bull season for the asset class. As the Wall Street Journal notes, BNY Mellon is hardly the first household name in traditional finance to embrace digital assets,....