BNY Mellon, which oversees about $47 trillion in assets, has set up a new unit dedicated to providing its clients with ‘an integrated service’ for digital assets, which would cover classic cryptocurrencies and could be extended to stablecoins.
Upon launch, BNY customers will be able to store Bitcoin and Ether in its crypto wallets which are powered by Fireblocks technology.
Citing growing client demand, maturity of blockchain and better regulatory clarity, America’s oldest bank said “the idea is that we build a digital asset platform the cornerstone of which is custody that will enable the interoperability of traditional assets and digital.”
Further, the custodian bank, which is sitting on $2 trillion in assets under management, states that even conservative clients are seeking exposure to digital assets. The new offering also targets native crypto firms, like Coinbase and other US exchanges, who are looking for BNY Mellon’s core investment services.
“Touching more than 20% of the world’s investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets. We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey,” said Robin Vince, Chief Executive Officer and President at BNY Mellon.
“As the world’s largest custodian, BNY Mellon is the natural provider to create a safe and secure Digital Asset Custody Platform for institutional clients. We…
