BNY Mellon Allows Selected Clients To Hold, Transfer BTC and ETH

• BNY Mellon announced that its Digital Asset Custody platform is live in the U.S.
• The platform will allow selected clients to hold and transfer BTC and ETH.
• BNY Mellon achieves one of its goals to become a trusted provider for both traditional assets and crypto.

On Tuesday, Bank of New York Mellon (BNY Mellon) announced that its Digital Asset Custody platform is live in the U.S. The Digital Asset Custody platform developed by BNY Mellon will allow selected clients to hold and transfer BTC and ETH.

Earlier in 2021, BNY Mellon formed Digital Assets Unit to develop solutions for digital asset technology, with plans to launch the industry’s first multi-asset platform that bridges digital and traditional asset custody.

By developing the Digital Asset Custody platform, BNY Mellon achieves one of its goals to become a trusted provider for both traditional and digital asset servicing like crypto.

Furthermore, According to The Wall Street Journal, BNY Mellon will store the keys required to access and transfer those assets, and provide the same bookkeeping services on cryptocurrencies that it offers to fund managers for their portfolios of stocks, bonds, commodities, and other assets.

The CEO of Securities Services and Digital at BNY Mellon, Roman Regelman explained:

With Digital Asset Custody, we continue our journey of trust and innovation into the evolving digital assets space while embracing leading technology and collaborating with fintechs.

BNY Mellon collaborated with digital asset technology specialists Fireblocks and Chainalysis to merge the firm’s technology. With the help of Fireblocks and Chainalysis, BNY Mellon will meet the present and future security and compliance needs of clients across the crypto space. A study sponsored by BNY Mellon has shown that 41% of institutional investors hold cryptos, while 15% of investors plan to hold crypto in the future.