Bank of New York Mellon (NYSE:BK) (BNY Mellon) said on Tuesday that its Digital Asset Custody platform is now live in the U.S. BNY Mellon has built a platform called Digital Asset Custody that will let some clients hold and move BTC and ETH.
With blockchain and digital assets, we are rethinking how financial markets work. Some institutional clients in the United States can now see both traditional and digital assets on the same platform. Digital Asset Custody is a major step in our journey to become more innovative. It is safe and reliable. https://t.co/DsdUboOPWj pic.twitter.com/r0vvqoVfqT
BNY Mellon set up the Digital Assets Unit at the beginning of 2021 to come up with solutions for digital asset technology. They plan to launch the industry’s first multi-asset platform that links custody of digital and traditional assets.
By making the Digital Asset Custody platform, one of BNY Mellon’s goals is met: to become a trusted service provider for both traditional assets and digital assets like cryptocurrency.
The Wall Street Journal says that BNY Mellon will also store the keys needed to access and move these assets. It will also offer the same bookkeeping services for cryptocurrencies that it does for fund managers’ portfolios of stocks, bonds, commodities, and other assets.
Roman Regelman, who is the CEO of Securities Services and Digital at BNY Mellon, said:
With digital asset custody, we continue our journey of trust and innovation in the digital assets space, which is always changing. We do this by using the latest technology and working with fintechs.
Fireblocks and Chainalysis, which are experts in digital asset technology, worked with BNY Mellon to combine the company’s technologies. BNY Mellon will meet the current and future security and compliance needs of clients in the crypto space with the help of Fireblocks and Chainalysis. A BNY Mellon-funded study found that 41% of institutional investors own cryptocurrencies, and 15% of investors plan to buy cryptocurrencies in the future.
Some of BNY Mellon’s clients can now hold and transfer BTC and ETH. This story first appeared on Coin Edition.
