BNY Mellon reveals launch of crypto custody platform after partnership with Chainalysis
- The world’s largest asset servicer will now be the first global bank to utilize Chainalysis’s compliance software.
- BNY Mellon has revealed plans to enter the cryptocurrency market as a trusted service provider.
- The bank is formulating a strategy to offer cryptocurrency services to clients through its new program.
US Bank BNY Mellon has revealed plans to launch its crypto custody platform and digital asset services for clients. BNY Mellon’s recent partnership with blockchain data platform Chainalysis would aid the bank’s cryptocurrency service offering.
BNY Mellon to offer clients crypto custody and services
US bank BNY Mellon has announced plans to launch a digital asset custody platform to offer institutional clients access to cryptocurrencies. The Bank of New York Mellon Corporation is popular as an American investment banking firm; their crypto services platform would cater to institutional investors.
BNY Mellon will allow clients to hold Bitcoin and other cryptocurrencies in wallets supported by Fireblocks technology. The launch of the service would mark a key milestone; BNY Mellon would be the first bank to enter the global digital custody space.
Katey Neate, Chief Risk Officer for asset servicing at BNY Mellon, said,
We announced last year that we were standing up for digital asset users. The idea is that we build a digital asset platform, the cornerstone of which is custody that will enable the interoperability of traditional assets and digital.
BNY Mellon recently announced the use of Chainalysis’s compliance software, making it the first global bank to utilize the technology.
Jonathan Levin, Co-founder and Chief Strategy Officer, Chainalysis commented on the development,
BNY Mellon is the best of both worlds: it has the reputation of being one of the world’s most trustworthy banks while fostering an innovative and forward-thinking culture. We are proud to collaborate with them as they launch their digital assets business.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
