America’s oldest bank BNY Mellon has launched a new digital asset custody platform that allows select clients to hold and transfer Bitcoin and Ethereum.
In a press release on Oct. 11, BNY Mellon described the crypto custody platform launch as a “milestone” that reinforces its commitment to supporting client demand for traditional and digital asset services.
The bank integrated technology from digital asset custody platform Fireblocks and blockchain analytics firm Chainalysis into its cryptocurrency custody platform.
The development means institutional clients with an interest in holding bitcoin and ether will be able to use BNY Mellon to custody their assets. According to a recent survey conducted by BNY Mellon, institutions have been showing an increasing interest in cryptocurrency investments.
The survey revealed that 91% of institutional investors are interested in tokenized products, while 41% of them already hold crypto in their portfolio today.
According to one State Street executive, the crypto winter hasn’t deterred global asset managers from launching new innovations in the digital asset space.
“The takeaway from that is, I think there is a belief that the asset class is here to stay. And we, as an asset servicer, will obviously partner with our clients where they believe their ambition lies,” said Irfan Ahmad, head of APAC State Street Digital, to the Sydney Morning Herald.