BNY Mellon is a large investment bank that is currently developing a digital asset custodial platform to allow institutional customers crypto exposure.
City A.M. reports that customers will be able store some of the most widely used cryptocurrencies, Bitcoin (BTC), and Ether (ETH) in BNY Mellon wallets powered by Fireblocks technology. Once regulatory approval is granted, however, the service will slowly increase in scope and include a variety tokenized digital and traditional assets.
According to the investment bank, the new service will be available later in the year. BNY Mellon suggested that it would be the “first to enter” into the global digital custody market.
The report states that Mellon plans to start with the United States and then expand worldwide according to demand. Talia Klein, a BNY Mellon representative, predicted that the service could be extended to the United Kingdom after the American debut.
“I believe what we are seeing in the UK, is that there is a vibrant and active market for digital assets.”
Related: BNY Mellon joins State Street for new crypto exchange service
The bank first announced its plans to store, transfer and issue Bitcoin and other cryptocurrency as an asset manager for its clients in February 2017. BNY Mellon and Grayscale Investments announced a partnership in July 2021, to offer a variety of services for its flagship Bitcoin investment product.
It is possible for crypto to make exponential price movements in a short time. If you add institutional adoption and network effects to BTC, there’s a good chance that the upside could move at any time. #btc #eth #sol #Crypto
— The Meditative Mind (@aussieg7) February 22nd, 2022
Cointelegraph reported that BNY Mellon has partnered with Chainalysis, which is a blockchain data analysis and data firm, to use Chainalysis compliance software in its risk management system.