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BNY Mellon announced today that its Digital Asset Custody technology is now operational in the United States. With select clients being able to keep and transfer top crypto assets, Bitcoin and Ethereum, BNY Mellon’s commitment to meeting client demand for a trusted supplier of both traditional and digital asset servicing is reinforced.
BNY Mellon, America’s oldest bank, has a 238-year history of trust, perseverance, and innovation. In this spirit, BNY Mellon established an enterprise Digital Assets Unit in 2021 to create digital asset technology solutions, with intentions to offer the industry’s first multi-asset platform that links digital and traditional asset custody.
BNY Mellon has been collaborating with market-leading fintechs. To satisfy the current and future security and compliance demands of customers throughout the digital asset arena, the business enlisted the help of digital asset technology providers Fireblocks and Chainalysis to integrate their technologies. In March, America’s oldest bank announced the partnership with Chainalysis in developing its custody platform..
According to a recent BNY Mellon poll, there is already strong institutional demand for a durable, scalable financial infrastructure that can support traditional, crypto and other digital assets. Almost all institutional investors (91%) are interested in investing in tokenized products, according to the poll. Furthermore, 41% of institutional investors now own bitcoin in their portfolios, with an additional 15% aiming to do so within the next two to five years.
BNY Mellon Chief Financial Officer Emily Portney said at the beginning of the year to expect crypto to become a major source of revenue for the bank in 2023, pending certain regulatory breakthroughs.
Robin Vince, Chief Executive Officer and President at BNY Mellon, commented:
“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.”