Institutional interest in digital assets continues to be on the rise, this time with BNY Mellon launching custody services for cryptocurrencies.
BNY Mellon’s digital asset custody platform is live in the US, according to a statement, which will allow select clients to hold and transfer bitcoin and ether.
This marks the latest milestone for the 238-year old financial firm’s entry into the crypto market, after forming a Digital Assets Unit in 2021 to develop related solutions including plans to launch a multi-asset platform to bridge digital and traditional asset custody. It has also worked with specialists like Fireblocks and Chainalysis to integrate technology to meet clients’ security and compliance needs.
Institutional Demand
According to a recent survey sponsored by BNY Mellon, 91 percent of institutional investors are interested in investing in tokenized products. 41 percent hold cryptocurrency in their portfolio today with another 15 percent planning to hold digital assets within the next two to five years.
«Touching more than 20 percent of the world's investable assets, BNY Mellon has the scale to reimagine financial markets through blockchain technology and digital assets,» said BNY Mellon chief executive and president Robin Vince.
