BNY Mellon plans to launch digital asset custody platform later this year
The investment bank reportedly said it will begin with the United States and then expand worldwide based on market demand. BNY Mellon, a major investment bank, is developing a digital asset custody platform that would allow institutional customers to gain crypto exposure.According to a report from City A.M., customers will be able to store the world's most popular cryptocurrencies, Bitcoin (BTC) and Ether (ETH), in BNY Mellon crypto wallets which are powered by Fireblocks technology. However, once regulatory approval has been granted, the service will gradually increase and integrate a....
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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,....
The bank will store private keys and provide bookkeeping services equivalent to those offered to fund managers in traditional assets. BNY Mellon has launched a digital custody platform to safeguards select clients' Ether and Bitcoin holdings on Oct. 11, making the America's oldest bank the first large bank in the country to offer custody of digital assets and traditional investments on the same platform. According to a statement, the bank will store private keys to access the funds and provide the same bookkeeping services offered to fund managers in other assets, such as stocks and bonds.....
BNY Mellon, the oldest bank in the United States, continues to aggressively invest in the digital asset industry. According to a March 18 report by the Wall Street Journal, cryptocurrency startup Fireblocks has raised $133 million in a Series C funding round featuring BNY Mellon as well as hedge-fund firm Coatue Management, venture-capital firm Ribbit Capital, and Stripes.BNY Mellon’s strategic investment in Fireblocks is reportedly part of the bank’s plans to implement Fireblocks’s technology in its upcoming crypto custody platform. As previously reported, BNY Mellon officially announced....
Traditional financial institutions must work hand-in-hand with crypto custodians, sub-custodians and service providers moving forward. Grayscale Investments’ latest report “Reimagining the Future of Finance” defines the digital economy as “the intersection of technology and finance that’s increasingly defined by digital spaces, experiences, and transactions.” With this in mind, it shouldn’t come as a surprise that many financial institutions have begun to offer services that allow clients access to Bitcoin (BTC) and other digital assets. Last year, in particular, saw an influx of financial....
BNY Mellon CEO Robin Vince pointed to a survey earlier this year which found 91% of institutional asset managers were interested in investing in tokenized assets. BNY Mellon CEO Robin Vince says “client demand” was the “tipping point” that ultimately led to the bank’s launch of institutional-focused crypto services last week.BNY Mellon, America’s oldest bank, became the first large bank in the country to offer custody of institutional clients’ Ether (ETH) and Bitcoin (BTC) on Oct. 11.In an Oct. 17 conference call following the release of its third quarter earnings, Vince pointed to a....