World’s largest custodian bank launches crypto custody platform

World’s largest custodian bank launches crypto custody platform

BNY Mellon announced today that its Digital Asset Custody platform has just been launched in the U.S.

With a history going back 238 years, BNY Mellon is the oldest bank currently still operating in the U.S. Having decided to take the plunge into digital asset custody back in 2021 the bank has worked on getting full regulatory approval ever since.

A press release issued by BNY Mellon earlier today announced that select customers will now be able to “hold and transfer bitcoin and ether”. 

This really is a feather in the cap of the beleaguered cryptocurrency industry, which as well as suffering a price collapse across the board, has been the focus of regulatory authorities across the globe who appear to be looking to severely curtail this innovative sector.

The CEO and President of BNY Mellon, Robin Vince, said of his company’s latest venture:

"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."

BNY has acquired information through a recent survey, which highlights that there is significant institutional demand for infrastructure for both traditional and digital assets.

According to the survey, the vast majority of institutions surveyed said that they were interested in investing in tokenised products. 41% said they already held digital assets, and a further 15% said that they planned to introduce digital assets into their portfolios over the next 2 to 5 years.

Caroline Butler, CEO of Custody Services at BNY Mellon said of the bank’s institutional clients:

"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 will continue to innovate, embrace new technology and work closely with clients to address their evolving needs." 

BNY Mellon is the largest custodian bank in the world, with $43 trillion in custody, and/or administration, and $1.9 trillion assets under management. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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