BNY Mellon, a major investment bank, is developing a digital asset custody platform that will allow institutional clients to access cryptocurrencies.
According to City A.M. Customers will be able to store two of the world’s most popular cryptocurrencies, Bitcoin (BTC) and Ether (ETH), in BNY Mellon cryptocurrencies powered by Fireblocks technology. However, after receiving regulatory approval, the service will gradually expand and integrate a range of traditional and digital tokenized assets.
The new service, according to the investment bank, is planned to be introduced this year. BNY Mellon also noted that it will be “the first to enter” the global digital storage market.
According to the report, Mellon plans to start in the US and then expand globally based on demand. Following the US debut, BNY Mellon, head of digital assets at Talia Klein, expects the service could expand to the UK:
“I think we are seeing a really dynamic and active digital asset market in the UK.”
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Last February, the bank first announced its intentions to store, transfer and issue bitcoins and other cryptocurrencies as an asset manager on behalf of its clients. BNY Mellon announced a partnership with Grayscale Investments in July 2021 to provide a range of services for its flagship Bitcoin investment product.
As Cointelegraph reported, BNY Mellon recently partnered with Chainalysis, a blockchain and data analytics firm, to use Chainalysis compliance software in its risk management system.