What is BNY Mellon’s latest initiative into the crypto world?

February 15, 2021 01:18 PM AEDT | By Team Kalkine Media

What is BNY Mellon’s latest initiative into the crypto world?

BNY Mellon to Venture into Crypto World

In another sentiment booster for crypto investors, the world’s largest custodian bank, which holds nearly USD 41 trillion of assets in safekeeping – BNY Mellon, has decided to venture into the crypto world. The bank has rolled out a new enterprise Digital Assets unit.

The new venture is planned to provide solutions and capabilities to the bank in order to assist clients with the growing needs related to the expansion of digital assets, particularly, cryptocurrencies.

Mike Demissie, the head of Advanced Solutions at BNY Mellon, would oversee the cross-functional, cross-business team, which is currently engaged in the development of a client-facing prototype. Once developed, the prototype would be the first multi-asset digital custody of the industry. Moreover, the prototype is likely to offer the administration platform for digital as well as traditional assets.

Commenting on the development, CEO (Asset Servicing and Head of Digital) Roman Regelman highlighted that BNY Mellon would become the first global bank to provide integrated service for digital assets. The growing demand for digital assets along with the maturity of advanced solutions and improving regulatory clarity provide a tremendous opportunity for the bank, he added.

The bank is anticipated to provide the innovative and industry-shaping offering in the emerging field of digital assets later this year.

"Enabling the use of digital assets is critical to transforming the future of custody. Building the bridge between the traditional and d igital spaces will create a front-to-back

Furthermore, BNY Mellon would build the new unit on its digital-savvy and strong expertise in investment services and investment management while leveraging advanced solutions such as the Blockchain.

Additionally, the Digital Assets unit would deliver secure infrastructure for transferring, safekeeping, and issuing digital assets in tandem with the open-architecture approach. This asset will do so while sailing across the front through leveraging leading technologies from fintechs and collaborating to speed up the product development.

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