Bank of New York Mellon plans to launch digital asset custody platform this year

Major investment bank BNY Mellon is developing a digital asset custody platform that will allow institutional clients to gain exposure to cryptocurrencies.

Customers will be able to store Bitcoin and Ethereum in a BNY Mellon crypto wallet powered by Fireblocks technology. However, once regulatory approval is obtained, the service will gradually increase and integrate various tokenized traditional and digital assets.

The investment bank said the new service is expected to launch later this year. BNY Mellon also said it would be the "first bank to enter" the global digital custody market.

According to reports, BNY Mellon intends to start operations in the United States first and then expand globally based on demand. After the US, the service may expand to the UK, predicts Talia Klein of BNY Mellon. It is reported that in February 2021, Bank of New York Mellon announced that the company is building the industry’s first multi-asset digital custody and management platform for traditional and digital assets.