BNY Mellon today announced the formation of a new Digital Assets unit that will develop the industry’s first multi-asset digital custody and administration platform for traditional and digital assets.
“BNY Mellon is proud to be the first global bank to announce plans to provide an integrated service for digital assets,” said Roman Regelman, CEO of Asset Servicing and Head of Digital at BNY Mellon. “Growing client demand for digital assets, maturity of advanced solutions, and improving regulatory clarity present a tremendous opportunity for us to extend our current service offerings to this emerging field. Pending further evaluations and approvals, we expect to begin offering these innovative and industry-shaping capabilities later this year.”
“The Digital Assets unit plans to deliver a secure infrastructure for transferring, safekeeping and issuing digital assets,” said Demissie, head of Advanced Solutions at BNY Mellon.
“Enabling the use of digital assets is critical to transforming the future of custody,” said Caroline Butler, head of Custody at BNY Mellon. “Building the bridge between the traditional and digital spaces will create a front-to-back ecosystem for innovation. Our digital asset capabilities should help evolve the way the financial industry operates, including custody, collateral management, issuance, investment management and other segments where BNY Mellon is a key service provider.”
Banks are finally warming up to embracing digital assets. As the saying goes “if you cannot beat them, join them”.