BNY Mellon launches a platform for storing digital assets
By Kateryna Salnichenko 557 17 Oct 2022
Bank of New York Mellon Corporation, the world's leading custodian bank, is ready to cooperate with crypto holders. The Bitcoin and Ethereum storage platform is officially launched in the US.
Such a step will allow the largest custodian bank to gain the trust of crypto holders. Work on the creation of a specialized cryptocurrency platform has been carried out since 2021.
Experts of the corporate division of virtual assets created a unique project for the banking sector, combining the features of traditional and digital storage. According to the bank’s management, this is only the first step towards promoting the financial industry with the help of innovative technologies.
To uncover important themes and assess institutional needs in the field of digital assets, BNY Mellon commissioned Celent to survey 270+ institutional investors across the globe, including hedge funds,asset owners and asset managers.
According to the survey, almost all institutional investors (91%) are interested in investing in tokenized products. Additionally, 41% of institutional investors hold cryptocurrency in their portfolio today, with an additional 15% planning to hold digital assets in their portfolios within the next two to five years.
Based on the findings, BNY Mellon started development of financial infrastructure to support digital assets. Specialists of market-leading fintech firms, including Fireblocks and Chainalysis, were involved in the work. Such effective collaboration led to the emergence of an innovative platform for storing and exchanging Bitcoin and Ethereum.
The custodian bank plans to continue active communication with investors and implement modern solutions to meet current needs. Caroline Butler, CEO of Custody Services at BNY Mellon said: “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”.