21.10.2021

One of the largest US banks BNY Mellon launches a service for storing cryptoassets

The Bank of New York Mellon (BNY Mellon), the world’s largest custodian bank with nearly $ 41 trillion in assets, announced on Thursday, Feb 11, a new custodian division for cryptocurrencies .

“The platform we build will serve any of these assets,” Mike Demissi, head of innovation at BNY Mellon , said in a comment to Coindesk .

“We will choose them depending on the interest and demand of the clients. However, we will closely monitor the regulation to ensure that we only support assets that are approved in a specific market. ”

The bank will cooperate with several crypto custody companies. Demissi added that the bank will use the services of external partners, but said it was “not yet ready to disclose any names.” “We are definitely not building it entirely from scratch,” he added.

BNY Mellon is known to have already  partnered  with the Bakkt cryptocurrency platform to “geographically disperse” private keys.

“We start with the basics. The backbone of this market is storage , ”said Demissi.

“In the future, everything will depend on our clients. So in the long term it will not be just storage – they can use them for lending. We are also considering issuing digital assets – tokenized securities or real assets. “

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