The Bank of New York Mellon, BNY Mellon, has set up a digital assets unit. The oldest bank in the US plans to hold, transfer, and spend Bitcoin and other cryptocurrencies on behalf of its customers. The bank strives to ultimately treat cryptocurrencies like any other asset.
BNY Mellon gets into the crypto
The oldest bank in the US, BNY Mellon, announced on Thursday, “The formation of a new enterprise digital assets unit that will accelerate the development of solutions and capabilities to help customers meet growing and evolving needs as they grow of digital resources, including cryptocurrencies. ”
BNY Mellon is a global investment company with a presence in 35 countries. As of December 31, 2020, the bank had and / or managed assets of $ 41.1 trillion and managed assets of $ 2.2 trillion, according to its website.
“BNY Mellon is proud to be the first global bank to announce plans for an integrated digital asset service,” said Roman Regelman, CEO of Asset Servicing and Head of Digital for the bank. “In anticipation of further evaluations and approvals, we expect to offer these innovative and industry-defining features later this year.”
The team is led by Mike Demissie, Head of Advanced Solutions at BNY Mellon. He commented:
The digital assets department plans to provide a secure infrastructure for the transmission, custody and dispensing of digital assets.
“Enabling the use of digital assets is critical to transforming the future of custody,” said Caroline Butler, director of custody at BNY Mellon. “Our digital asset capabilities should help improve the way the financial industry works, including custody, collateral management, issuance, investment management, and other segments.”
While the bank’s official announcement made no mention of which cryptocurrencies it will support, the Wall Street Journal reported that the bank “will hold, transfer and spend BTC and other cryptocurrencies on behalf of its wealth management clients.” The bank also plans to treat digital currencies like any other asset.
Regelman stated that “digital assets are becoming part of the mainstream” noting that “until now these money managers had to use separate custodians for their cryptocurrency holdings”.
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