BNY Mellon Launches Digital Asset Custody Platform for Bitcoin and Ether

Overview of the Launch

BNY Mellon, the oldest bank in America, has announced the launch of its Digital Asset Custody platform in the U.S. This platform allows select clients to hold and transfer bitcoin and ether, addressing the growing demand for integrated solutions for traditional and digital assets.

Key Features of the Platform

The platform is designed to bridge the gap between digital and traditional asset custody, offering a multi-asset solution. BNY Mellon has been developing this capability since 2021, when it established its Digital Assets Unit to focus on digital asset technology solutions.

Institutional Demand for Digital Assets

The bank highlights significant interest from institutional investors in tokenized products and cryptocurrencies. According to a sponsored survey, 91% of institutional investors are interested in tokenized products, while 41% already hold cryptocurrencies in their portfolios.

Market Leadership and Capabilities

As the world's largest custodian bank, BNY Mellon manages $43 trillion in assets under custody and/or administration and $1.9 trillion in assets under management. Its scale and expertise position it to reimagine financial markets through blockchain technology and digital assets.

Conclusion

BNY Mellon's move underscores the increasing adoption of digital assets by institutional investors and the need for robust financial infrastructure to support this growth.