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BNY Mellon revealed that the American version of their digital asset custody platform is now operational. This milestone demonstrates the bank's dedication to meeting customer demand for a trusted supplier of both traditional and digital asset services. https://twitter.com/BNYMellon/status/1579850603316252673
BNY - Oldest Bank In The U.S.
BNY Mellon is the oldest bank in the United States, with a 238-year history of reliability, perseverance, and invention. In keeping with this, the bank established an enterprise Digital Assets Unit in 2021 to provide solutions for the technology behind digital assets. The unit's objective is to create the first multi-asset platform that integrates digital and traditional asset custody. The keys required to access and move about their Bitcoin (BTC) and Ether (ETH), and do other traditional accounting tasks, will now be stored by BNY Mellon and available to those fund managers.
Reimagining Financial Markets
Robin Vince, President and Chief Executive Officer of BNY Mellon, stated that the company could redefine financial markets using blockchain technology and digital assets since it affects over 20% of the world's investable assets. He further stated,
"We are excited to help drive the financial industry forward as we begin the next chapter in our innovation journey."
Need For Financial Infrastructure
A new poll funded by BNY Mellon shows that there is currently a substantial institutional need for a financial infrastructure that is durable and scalable and can support both traditional and digital assets. Nearly all institutional investors, or 91%, expressed interest in purchasing tokenized products. Furthermore, 41% of institutional investors own cryptocurrencies, and another 15% want to acquire them in the next two to five years. BNY Mellon has been collaborating with industry-leading fintech. The business employs digital asset technology experts Fireblocks and Chainalysis to integrate their technology to fulfill the clients' current and future safety and compliance demands throughout the digital asset market.